In accordance with expectations, previous trading session the exchange rate spent in a horizontal movement. From the north it was obstructed by resistance zone located between the 1,321.00 and 1,322.00 marks, while from the south it was pressured by the weekly PP and the 100-hour SMA.
As economic calendar remains empty, such flat movement might continue for another two days. In the end bulls might try to push the rate to the upper trend-line of a dominant descending channel. Nevertheless, in daily perspective the same pattern clearly points out on imminence of beginning of a downward movement. The bearish stance on the gold additionally supports this assumption.
