Gold was trading along a breached trend-line against the US Dollar during Friday’s session. Further advances were restricted by this line and the 100-hour SMA, while a fall below the 1,324.00 was stopped by the weekly PP.
On Monday, the northern barrier is likewise reinforced by the 200-hour SMA and the 23.60% Fibo. This factor is likely to either pressure the yellow metal lower or result in a minor period of consolidation today. In case the 55-hour SMA and the monthly PP at 1,328.00 is breached, a possible fall is restricted solely by the 38.20% Fibo retracement line at 1,316.67.
The prevailing patterns suggest that the pair is likely to push lower in both short– and medium-term. The bottom boundary of a two-week channel is located at 1,310.00.
