On Thursday the charts of the yellow metal were reviewed and trend lines were added. Meanwhile, the rate had finally properly declined below the resistance of the hourly simple moving averages.
Zoom out to see that the metal is trading in a rare large scale ascending wedge pattern. The rate’s surge during the morning hours of Thursday. The surge was set to meet with the resistance of the 55 and 100-hour SMAs, which pushed the rate lower on Wednesday.
Watch the meeting of the technical levels and the rate. It will either result in another test of the supporting trend line or a surge to the 200-hour SMA at 1,330.00.
Meanwhile, note that to properly see the trend lines one has to load the previous price information and candles. Initially seeing the interactive chart, the trend lines might be shifted downwards.
