As the headline states, the bullion has booked a new low level. Namely, the commodity price had fallen below the 1,340.00 mark. Moreover, during the move, the bullion passed the support of the dominant long term descending channel.
However, after reaching the low level the commodity price began a surge, which was only slowed down by the already passed support of the dominant channel.
The commodity price was most likely going to be stopped by the 55 or 100-hour SMAs, which could force the commodity into trading sideways until it reaches the upper trend line of the short term descending pattern.
