On April 23, the precious metal Gold dropped by 247 pips or 1.38% against the US Dollar. The commodity breached the 55– and 100– hour SMAs during Friday’s trading session.
The XAU/USD exchange rate is likely to continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, buyers could drive the exchange rate higher today.
