The yellow metal is continuing to trade against the buck at the intersection of large ascending channel and junior rising wedge formations.
Although the larger pattern managed to constrain the bullish sentiment for now, but the rising 55-, 100- and 200-hour SMAs as well as ongoing concerns over implementation of the US President Donald Trump’s tax plan suggest that such upward movement is going to continue and might actually reach the upper trend-line of another dominant descending channel near the 1,293.00 mark. However, from daily chart perspective the breakout from rising wedge formation is expected to happen earlier near the 1,288.00 level.
