The gold price appreciated 0.80% to the 1,208.00 mark on Friday. The yellow metal bounced off the junior descending pattern ‘s resistance line on Friday early in the morning.
Meanwhile, we could see that the squeeze of the 55– hour and the 100-hour SMA’s forced the rate to breakout downwards during Thursday’s session. The 200-hour SMA was playing support during the last trading session, as it strengthened the support of the medium-term ascending channel pattern.
In regards to the future, the forecast is simple. The junior patterns resistance is most likely going to be broken and the bullion will resume its surge.
