The yellow metal no longer trades in the borders of any short or medium term pattern, as the commodity price has broken out of the short term descending channel in the previous 24 hours. The metal’s future price movements are likely to be influenced by the fundamental data release at 12:30 GMT on Tuesday, which will affect the strength of the US Dollar. However, from a technical perspective it can still be expected that the price will decline, as the 55-hour SMA was moving in on the metal’s price from the upside near the 1,270 mark. Due to that factor it can be expected that the commodity price will face pressure from the upside, which might eventually force it lower.
