Gold managed to break out from the short-term triangle and consequently move above the 55-hour SMA mid-Friday. However, this strong bullish sentiment did not last long, as the rate had returned at the senior channel line and the 61.80% Fibonacci retracement near 1,286.00 by Monday morning.
It is likely that the 55-hour moving average continues to pressure the rate lower and past the senior channel. Apart from this nearest southern barrier, there are no other support levels until the monthly S2 at 1,275.00. Technical indicators flash bearish signals for this session. Even if a fall occurs, it should not exceed the aforementioned monthly S2.
Meanwhile, the 1,300.00 mark should likewise remain intact, limited by the 50.0% Fibo and another channel line.
