On Tuesday, the precious metal gold declined by 95 pips or 0.54% against the US Dollar. The commodity breached the 55– and 200– hour SMAs during yesterday’s trading session.
The exchange rate is currently trading near the lower line of a descending channel pattern and could be set for a breakout. If the channel pattern holds, buyers could pressure the XAU/USD pair higher within this session.
However, if the currency exchange rate breaks the descending channel pattern, bearish traders are likely to target the 1760.00 level within this session
