On Monday morning, the yellow metal’s price fell below the 1,240 mark. However, the most notable detail to the decline of the bullion is the fact that the commodity price had fallen below the support line of the long term ascending channel. This move was expected, as it is consistent with the situation on the charts from a pattern drawing perspective. The bullion is still in a massive scale descending channel. The upper trend line of that channel was reached and the fall of the metal began. Due to the fact that the long term support has been passed, an extension of the decline of the yellow metal’s price can be expected. However, for the purpose of finding where short term pauses will occur, market participants should look at the weekly and monthly pivot points.
