After breaching a six-week ascending channel late on Wednesday, Gold should have moved away from its bottom boundary. However, despite efforts to edge lower on the following day, this fall was stopped by the 200-hour SMA near the 1,325.40 mark. The subsequent surge was also limited, as the northern side was restricted by the bottom channel line and the 55-hour SMA. Technical indicators suggest that the pair should be tended northwards in this session. The bearish sentiment is still likely to prevail within the following hours, thus sending the rate towards 1,325.40. However, its previous failure to breach this area should repeat today, thus putting upwards pressure on Gold. Possible points of resistance are the 100-hour SMA and a four-month high at 1,335.40 and 1,344.01, respectively.
