Despite positive developments on the American labour market the bullion continued to advance against buck. The rate has successfully reached resistance zone located between the 1,321 and 1,322 marks. As further road to the north is obstructed by a combination of the weekly R2 and the monthly R1 near the 1,328.4 level the pair is expected to retreat back to the weekly R1 that became additionally secured by the 55-hour SMA. An existence of a minor ascending channel also point out on a plunge in the first half of this trading session. Since the area below the bottom trend-line of the above pattern contains the 100-hour SMA and the 61.8% Fibonacci retracement level, the drop below the 1,311.48 mark seems unlikely. However, it would greatly depend on today’s release of the American macro data.
