XAU/USD was pressured by the 55-hour SMA on Monday. The pair tried to surpass this moving average and the 38.20% Fibonacci retracement mid-day, but was stopped near the 1,320.00 mark.
It seems that the pair should maintain its bearish sentiment and edge lower in this session. This fall, however, is likely to be limited either by the 2018 low at 1,306.80 or by the senior channel and the 50.00% Fibo retracement at 1,300.00.
Even if the given commodity still manages to realise the aforementioned downside potential today, the following trading days should mark a bullish reversal, especially following an upside breakout of the 55– and 100-hour SMAs.
