Gold continued to decline on Monday. It had reached below the 1,290.00 level. In general, the decline was expected to continue, as the metal faced no technical support as low as the 1,276.65 level.
The USD/JPY has reached the 112.00 level, as it was forecast on Friday. The 112.00 level is providing resistance to the currency exchange rate and has forced it into retracing back downwards three times.
The GBP/USD started the week by opening higher. Although, by the middle of the day's trading the rate had not moved, as it traded sideways just below the 1.3250 level.
On Monday, the EUR/USD began the day's trading above the support of the various hourly simple moving averages. Although, it began to immediately decline.
The fundamental strength of the US Dollar has caused a drop of gold prices below the long term support line. By the middle of Friday's trading session on the hourly chart the metal had no support as low as 1,295.13.
The USD/JPY has made another large fundamental move. The rate has suddenly surged, breaking all the previously used pattern trend lines.
GBP/USD continued to retreat on Friday morning. The rate passed the support of the 55-hour SMA and retreated down to the weekly R2 at 1.3238.
The EUR/USD has passed the lower trend line of the ascending pattern. Although it occurred after reaching the 1.1400 mark for a third time, as expected. Moreover, the pair reached above it to the 1.1420 level.
On Thursday the charts of the yellow metal were reviewed and trend lines were added. Meanwhile, the rate had finally properly declined below the resistance of the hourly simple moving averages.
The USD/JPY has revealed a wide descending channel. The event has taken place during the recent sharp waves of volatility caused by fundamental events.