The yellow metal remained steady against the US Dollar during the previous session, as it was fluctuating around the 55– and 100-hour SMAs on the given day. A significant fall was stopped by all three moving averages, while resistance was set by the upper boundary of a seven-week descending channel.
This medium-term pattern was breached early today, thus pointing to a possible surge within the remaining part of this week. There is enough upside potential until the 1,318.00 territory where the 38.20% Fibo and the 200-period (4H) SMA are located.
However, it should also be noted that the 200-day SMA is located at 1,310.00. Thus, this session could likewise mark either no changes to its price level or a slight decline down to 1,295.00.
