In accordance with expectations, the surge of the gold price did not last for long, as the pair was turned around by the monthly PP located at the 1,300.00 level, which transformed from support into resistance.
At the moment, there are certain signs that the rate is going to try to climb to the top again. However, this new attempt is expected to fail due to presence of the 55- and 100-hour SMAs plus the updated weekly PP, which altogether additionally strengthen the above resistance level.
In addition to that, the further deprecation of the bullion against the gold is expected from a daily perspective, as the rate is fluctuating in a junior descending channel, which forms a part of a larger long-term ascending channel.
