An estimated growth of the US GDP expectedly strengthened the buck and reduced demand for the safe haven metal even though the plunge was not expected to be so sharp, as southern side was reliably protected by two moving averages that were moving along the trend-line of a rising wedge formation. As the aggregate market sentiment remains 60% bullish, in medium perspective the pair is expected to continue rising in the one-month long ascending channel. With respect to the current trading session, formation of a minor pennant pattern suggests that the rate is likely to continue moving downwards towards the bottom boundary of the above channel. Nevertheless, a rebound might happen earlier if the pair fails to bypass support zone located between the 1,282.00-1,283.00 levels.
