Gold continues to decline against the US Dollar for the third consecutive session. The pair breached the senior channel down early on Wednesday, being followed by a 2.38% fall down to 1,165.00.
On Thursday morning, technical indicators were located in the strongly oversold territory. This indicates that bulls may want to recover some of their positions lost during the previous trading sessions.
An important resistance to look out for is the 55-hour SMA at 1,1900.00. The ultimate daily high should be the monthly S1 and the 200-hour SMA circa 1,205.00. Meanwhile, support is set by the monthly S3 at 1,148.00.
