We hit our first target at the close of yesterday's trading session when price reached the 50 DMA with 140 pips profit. Gold is restricted by the 20 DMA and the 1328 support level and price has to break this support level to decline towards 1313. If today's candle fails to breach below the 20 DMA then we might see a bounce towards the upper trendline. Based on the momentum indicators we can say that Gold will once again decline towards the 1313 or the 1303 area.
Price reached our first target at 102.38 and is now trading below this resistance level after plotting a doji in the 4 hour chart. USD/JPY is trading within a minor rising channel and the immediate support is the lower channel line. Price has to break above 102 and stay there for at least 3 consecutive sessions to recruit more bulls and advance towards 102.94 followed by the upper channel line in the daily chart or the 23.6% fib which is at 103.15.
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