Yesterday, the price for gold reached the resistance level formed by the Fibonacci 23.60% retracement at 1,309.31.
If the support formed by the 55-hour SMA at 1,304,49 holds, it is likely that the XAU/USD reaches the upper boundary of the descending triangle pattern located circa 1,311.00 and reverses south.
Otherwise, it is expected, that some bearish momentum prevails in the market, and the price for gold declines to the support level formed by the monthly PP and the 100-hour SMA at 1,299,44.
