Bears continue dominating the market for the third consecutive session. A period of recovery early was disrupted by the combined resistance of the 55– and 100-hour SMA on Friday. The subsequent fall was caused by stronger US Dollar which pushed the rate down to the 1,310.00 mark.
Thus, the yellow metal is moving closer to the 2018 low of 1,305.00—a level which coincides with the bottom boundary of a medium-term channel. It is likely that this area is reached during this session; however, technical indicators being at generally low levels do suggest that a recovery should follow.
The northern barrier is guarded by the 55-, 100– and 200-hour SMAs. In case no fundamental event shake the market, this resistance might not be reached today.
