Contrary to expectations, gold traders decided not to wait this week’s American fundamental data releases and pushed the pair from symmetrical triangle pattern. Despite combined support level formed by the lower trend-line of an ascending channel and the 200-hour SMA near the 1,310.00 mark, the exchange rate is projected to continue moving downwards. Such assumption is based on picture seen on daily chart, where the pair has recently made a rebound from the upper edge of a four-month long descending channel. Such scenario is partially confirmed by allocation of pending orders, which are set to sell. In that case the fully-fledged might happen only when the pair will reach the 50% Fibonacci retracement level located at 1,297.200.
