The bearish scenario came true on Monday for the yellow metal. The bullion’s price fell below the 1,330 mark in the second half of the day’s trading session.
If one looks at the hourly chart, a marvelous sight appears, as the metal faces no support as low as the 1,312.43 level on Tuesday morning. However, that is not likely going to be the support, which stops the decline of the commodity price.
It is more likely that the bullion will continue in the angle, in which it has been declining for the past few trading sessions, until it reaches the support of the dominant channel up pattern somewhere between 1,315 and 1,320.
