The yellow metal’s price decreased by 134 pips or 0.75% on Tuesday. The decline was stopped by the 55– hour simple moving average at 1784.1 during Tuesday’s trading session.
Currently, the commodity is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1765.00 area could be expected within this session.
However, if the channel pattern holds, buyers might pressure the XAU/USD exchange rate higher today.
