The yellow metal continues to gain momentum against the US Dollar for the fourth consecutive session. The pair remained stable during the first part of Friday, but eventually was pushed towards the 1,332.00 mark. Meanwhile, Gold opened higher during the Asian session, while banks in the US are closed due to Martin Luther King Day. Traders are still awaiting new information about inflationary pressures in the US, thus being reluctant to buy the Greenback. It is likely that the rate pushes even higher within this session towards the weekly R1 or the monthly R2 at 1,348.83 and 1,353.57, accordingly. The upper boundary of a five-week channel is also located in this area. High volatility is not expected in this session; however, in case of a fall, the pair should be supported by the 55-hour SMA circa 1,327.10.
