The yellow metal on Monday morning booked new high level near the 1,260.00 mark. Moreover, during the surge the pair broke the resistance of a medium term descending channel pattern.
The metal is set to continue to gain, as the bullion faces no resistance up to the 1,261.00 level. At that level the commodity price is set to meet with the resistance line of the dominant ascending long term channel.
However, for that to occur, the bullion will need additional support, which could be provided by the various simple moving averages.
