Gold prices have reached new high levels during the second half of Monday’s trading session. During the surge the rate reached above the 1,210.00 mark.
However, the surge was stopped by the upper trend line of a long term ascending channel pattern. The pattern with it received another confirmation of its borders.
On Tuesday morning the commodity price was consolidating its gains near the 1,210.00 mark by trading sideways. Meanwhile, the rate had no close by resistance or support level.
Although, note that the 55-hour simple moving averages was approaching the metal’s price. The SMA most likely will push the metal higher.
