The yellow metal on Wednesday broke all the previously charted trend lines on the hourly chart of the yellow metal’s price. However, the bullion did not fully ignore the trend lines, they managed to squeeze the commodity price prior to a short lived break out to the upside.
In regards to the near term future, the commodity price was located on Thursday just below the various simple moving averages that are used by Dukascopy Analytics. It is expected that these SMAs will force the price of the bullion lower.
