First of all, the bullion has revealed the medium term ascending channel’s borders, which help to predict when the metal will reach above the 1,300 mark. Secondly, the commodity price has reached above the 1,290 mark and touched the 1,295 level on Friday.
In the near future it can be expected that the metal’s price will surge above the 1,300 mark. However, that can be hindered, if the new on Monday obstruct the surge.
At the moment, the pair is fluctuating around the updated weekly PP near 1,284.70, simultaneously being squeezed between the 55-hour SMA from the top and the above 100-hour SMA from the bottom.
Today the bullion is expected to resume the surge. Firstly, because it is continues to move in two ascending channels. Secondly, because the path to the south is additionally secured by the 200-hour SMA and the 61.8 Fibonacci retracement level at 1,278.96.
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