The XAU/USD pair has broken the previously drawn descending pattern. However, during the first part of Monday’s trading session, a new junior ascending channel has been revealed.
By the end of Friday’s session, the price commodity has moved past a strong resistance cluster formed by the combination of the 55– and the 100– hour SMAs near the 1310.9 mark. Furthermore, after piercing the 38.20% Fibonacci retracement level, the pair began to decline.
This decline could be stopped either by the 100– hour SMA or the lower boundary of the newly ascending pattern.
