During yesterday’s trading session, the yellow metal broke through the resistance of the medium pattern line at the 1,318.00 mark as it was expected! On Tuesday morning, the rate depreciated against the US Dollar to fit back to the medium pattern line to trade at the 1314.47 mark.
It is expected that gold will continue depreciating against the US Dollar to end the day at the 1,310.00 level!
However, the 100-hour SMA could support the rate to push it to break the medium pattern to the 1,320.00 level.
Note, the chart was fully reviewed to make a new pattern line that follows the current trend!
