During the second part of Monday’s trading session, the yellow metal’s price surged by 150 pips or 0.83%. The currency pair breached the 200– hour simple moving average at 1811.8 on Tuesday morning.
The XAU/USD exchange rate is likely to continue to edge higher through the following trading session. A breakout through the upper boundary of a descending channel pattern could occur.
However, if the channel pattern holds, bearish traders might drive the price of the commodity lower today.
