The first part of Wednesday’s trading session was spent under the bearish pressure, as the yellow metal lost 0.88% against the US Dollar. This fall reversed at the 1,320.00 mark—which is also the April low—and regained some lost positions just to test the 55-hour SMA on Thursday morning.
It seems that the pair is ready to breach a one-week descending channel and is moving towards the confirmation of a newly-word channel down at 1,328.70. The 100-hour SMA and the monthly PP are likewise located at this mark.
It is likely that this area forces a bearish reversal and sends the pair for another decline. The nearest support is set by the 38.20% Fibonacci retracement, while Gold could push even lower down to the 1,310.00 territory.
