The whole previous trading session the exchange rate spent exactly as expected. First, the yellow metal continued to advance against the buck in a minor rising wedge pattern that has formed at the intersection of two junior ascending channels. Second, it surged to the 38.2% Fibonacci retracement level located at 1,268.00 and then pulled back to the weekly R1. Today the rate is expected resume the upward movement using the support provided by 55-hour SMA that lies along the lower trend line of the pattern. However, by the end of the day the pattern most probably will be dissolved. In this respect, a resistance zone located around the 1,269.00 level as well as the upcoming release of the US Final GDP data suggests that the breakout will happen to southern direction.
