An area around the 1,313.61 mark indeed represented a sort of benchmark, which bullion traders used to try to restore previously lost positions. As this advance had a short-term effect, the pair expectedly fell back through the weekly and monthly PP as well as the 55- and 100-hour SMAs yesterday. On the one hand, such movement points out on formation of a minor descending channel. If this is true, then the rate is likely to continue to move to the bottom, trying to hit the weekly S2 at 1,283.66.
A pressure from the above technical indicators would support such movement. On the other hand, there is a need to take into account that three times in a row the rate failed to pass through the 1,290.93 level.
