The yellow metal lost value against the US Dollar significantly on Tuesday, thus closing the business day with a 1.01% plunge. As a result, the commodity revealed a new junior descending pattern. This strong decline was stopped by the bottom border of a dominant ascending channel.
It is more likely that the bearish momentum continues in this session, thus sending the bears to breakout from the lower boundary of the dominant channel during the following trading sessions. The nearest support is the monthly pivot point at 1229.59. However, it is unlikely that the support level will breach today.
