The yellow metal has maintained its gradual movement southwards as of mid-Friday. It fell 0.63% against the US Dollar yesterday and continued the same tendency early in this session. Following a breakout of the 100-hour SMA and the weekly PP circa 1,348.00, Gold also breached the 200-hour moving average and the bottom boundaries of three ascending channels. This suggest that the pair is likely to continue depreciating later this week. For now, however, a brief correction north should occur, as technical indicators have been located in the relatively bearish territory since late Friday. The nearest resistance is the 200-hour SMA, while a more realistic upside target for today is the 1,350.00 where the 55– and 100-hour SMAs are located
