The previous forecast for the price of the yellow metal was correct. The bullion has passed the support line, which had kept the price surging for a long time. However, that does not mean that a decline of the price is about to occur.
Instead the metal’s price passed the support in a horizontal move, as it was squeezed in between various levels of significance. Moreover, these levels of support at the 1,266 and 1,268 price tags are still providing support.
Due to these reasons combined it is expected that the support levels and the to the north moving simple moving averages will provide support, as a new junior ascending pattern is formed.
