Gold continues to appreciate against the US Dollar for the sixth consecutive session. Despite a few hours of consolidation on Monday morning, the yellow metal managed to gather momentum and push towards the 1,355.00 mark mid-session.
Further climb did not follow, as it was restricted by the monthly R1 and the senior channel. As a result, the pair failed to reach the upper boundary of the junior formation near 1,360.00.
Even though technical indicators are still flashing bullish signals, they are gradually moving away from the overbought territory. Thus, some bearish pressure could prevail in the market today.
This scenario would be confirmed by a breakout of the 55-hour SMA and the junior channel. A possible trading range for today is the 1,345.00/1.360.00 area.
