Gold was moving south during the first part of Thursday’s trading session. It was fluctuating around the 1,330.00 mark which had previously provided a strong resistance level.
The yellow metal gained late in the evening when the Trump administration announced tariffs on Chinese imports. This resulted in a massive sell-off of the US Dollar. As a result, the pair was able to reach the 1,350.00 area by Friday morning.
A short-term ascending channel shows that the pair might still appreciate towards 1,350.00 prior to forming a minor correction south. This scenario, however, could occur even earlier, given that the pair is overbought. A possible fall should not exceed the 1,320.00 mark.
Meanwhile, the general tendency still remains upwards towards the senior channel located near 1,355.00.
