The yellow metal was guided by upside momentum on Friday. The pair accelerated mid-session as a result of which it surpassed the 55-hour SMA. However, the nearby-located 100-hour moving average and the upper boundary of a one-week channel halted any further attempts to move above the 1,325.00 mark.
Bears took over the market during the Asian session today, thus pushing the pair back below the aforementioned SMAs. Technical indicators suggest that this sentiment could be maintained in this session, as well. Thus, Gold is expected to fall down to the bottom channel line at 1,310.00.
Meanwhile, the first part of this week could mark a bullish recovery that should be followed by a test of the 200-hour SMA circa 1,335.00.