The yellow metal has revealed a short term ascending channel pattern. The pattern could be drawn only after the fluctuations of Thursday’s trading session showed, where the reference points of the pattern’s trend lines are located at. However, during Friday’s trading session the borders of the channel most likely will not play a significant role. The 200-hour SMA is set to be of more importance, as the pair had once more reached above the monthly PP at 1,253 while the mentioned SMA was preparing to provide resistance at 1,255.40. It is highly likely that the SMA will push the pair into a combined support of the monthly PP and the lower trend line of the short term junior pattern.
