On Friday, the price for gold continued to diminish, surpassing the psychological level at 1,290.00.
Given that the XAU/USD exchange rate is pressured by the 55-, 100– and 200-hour SMAs, it is likely, that some bearish momentum continues to prevail in the market. A possible downside target is the lower boundary of the descending triangle pattern at 1,282.56.
It is the unlikely case, that bulls would prevail in the market in the short run, and the price for gold could jumped higher than 1,295.00 level due to the resistance of 55– and 200-hour moving averages
