Due to a rebound that occurred on Friday morning, the borders of the previously discovered ascending channel pattern on the hourly chart of the yellow metal can be adjusted. It can be observed that the metal’s price might after all reach above the 1,230 mark. However, on its way the bullion is set to face the resistance put up by the 55 and 100-hour SMAs, which are located just below and above the 1,225 mark. By examining the course of the SMAs, it can be seen that both of them will meet with the commodity price at the 1,225 mark. If their combined resistance is passed, then the 1,230 level becomes a target. Meanwhile, if the SMAs force the rate lower, a far down to the 1,220 level would be most likely, as until next week the lower trend line of the ascending channel is not reaching above that level.
