The bullion’s price continues to move in accordance with the discovered patterns. On Thursday morning the commodity price decline to trade below the resistance of the 55-hour SMA, which was located at the 1,240 mark. The metal was making attempts to regain lost ground during the morning hours of the session. However, in accordance with the ascending channel pattern, in which the metal trades, the bullion is set to decline down to the support line of the mentioned pattern. Before that occurs the commodity price might face the support of the 100-hour SMA, which on Thursday was located near the 1,235 mark. Meanwhile, down to the just mentioned simple moving average there are no other support levels, which creates a free range of almost 500 base points.
