Gold reaches new low

The yellow metal continues to weaken against the US Dollar for the fifth consecutive session. This movement has been guided mainly by the 55– and 100-hour SMAs; thus, these moving averages might still lead the pair lower today until the bottom line of a three-month channel and the monthly S2 located near 1.255.00.

The 1,263.00 level which was reached mid-Friday is also the pair’s lowest position since late December, 2017.

It seems that technical indicators are gradually starting to recover on the longer time-frames, as well. This could be an early indication of a possible change in sentiment. Even if bulls do not manage to push the yellow metal considerably higher today, they are expected to lead the pair next week.

Today’s trading range is 1,255.00/1,285.00.