The yellow metal’s price moved in the last 24 hours, as it was forecasted on Thursday morning. The commodity price has reached the combined support of the weekly S1 and the monthly PP. The weekly first support, which is located at the 1,255.79 level, has clearly been passed. However, the monthly PP at the 1,253.00 mark is holding its ground. As it can be observed on the chart, the monthly level of significance has held off a fall of the bullion for nearly 20 hours. Although, if the monthly pivot point gets passed, the commodity price is most likely going to fall to the next level of significance, as the second weekly support is located at the 1,244.60 mark. Meanwhile, while trying to identify a pattern, only slight hints of a descending short term channel can be noticed.
