Contrary to expectations, the yellow metal was driven by bearish forces on Thursday. This fall, however, was not significant due to the nearby-located 200-hour SMA and a channel line.
This support cluster was surpassed early today, thus giving bears the opportunity to push the pair down to its distant support set by the 23.60% Fibonacci retracement at 1,335.40.
Technical indicators remain bullish for this session. Being restricted by the 55-, 100– and 200-hour SMAs, Gold might be reluctant to pick up momentum during the following hours, at least.
In case of an upside breakout, the pair should not surpass the monthly R1 at 1,355.00.
