Even though the yellow metal managed to shoot up during the first half of Tuesday, the combined resistance of the 55-hour SMA, the weekly PP and the bottom boundary of the breached two-month channel up proved to be an unbreakable barrier which sent the pair down to 1,336.80. The rate has since returned back to the 55-hour SMA which is now likewise reinforced by the 200-hour SMA. The pair should edge slightly higher in this session towards the prevailing short-term channel down circa 1,345.00. The upside target in this case could be the weekly PP and the 100-hour SMA near 1,348.30. By and large, several noteworthy fundamentals which could shake the market are to be released today. In case of a negative surprise, Gold should be supported by the weekly S1 and the monthly R2 at 1,329.00.
