On Thursday morning the yellow metal still traded near the 1,225 mark. However, the main difference, compared to the Wednesday’s trading session was that the commodity price was being supported by the 55-hour SMA, which was located just below the 1,225 level. Meanwhile, the 100-hour SMA was moving in on the commodity price from the just above the 1,231 level. Although, a new discovery was made on Thursday morning. The possible borders of a short term ascending channel have been drawn. If the yellow metal continues to trade in the drawn borders, the commodity price will not reach above the 1,230 mark. The hypothesis might become stronger, as the 100 and 200-hour SMAs move downwards and the 55-hour moving average would decline down to the 1,220 level.
