Yesterday the buck quite expectedly appreciated against the gold. However, this movement was rather based on reaction from release of data on the US CB Consumer Confidence than some technical factors. Similarly to the Euro, the fall continued until the pair encountered a support set up by the 55-hour SMA and the weekly R2 at 1,305.61. In order to continue the surge, the yellow metal now has to cross a combined resistance level formed by the weekly R3 and the monthly R2. Most probably, this attempt will fail and the pair will end the day in the decline. The main reason behind such assumption is a double release of the US macroeconomic data, among which one of them is Preliminary GDP. Moreover, both data sets are expected to show some positive developments.
