During the previous trading session the rate formed and made a breakout from junior symmetrical triangle pattern. Fortunately, a combined support formed by the 100-hour SMA and the updated weekly PP at 1,286.16 managed to turnaround the pair. In short run, the surge of the yellow metal once again is likely to be halted near the 1,293.00 and 1,295.00 resistance levels, which might lead to formation of a minor ascending triangle. But in larger perspective the pair is projected to reach the upper boundary of a medium-term ascending channel near the 1,300-1,302.00 marks. In support of this assumption, 55% of traders remain bullish on the given pair. Moreover, since that area is backed up by the 23.6% Fibonacci retracement level there is little chance that the pair will manage to breakout to the top.
