The forecasted scenario of a surge of the yellow metal has become reality. As it was expected, an ascending short term pattern has revealed itself. In accordance with the pattern the commodity price is set to continue the surge. Meanwhile, in the near future, the bullion’s price is set to be supported by the 55 and 100-hour SMAs, respectively, at 1,213.26 and 1,217.12 marks. However, during the reveal of the pattern the metal bounced off the resistance of the monthly S1, which is located at the 1,220.50 mark. During Wednesday’s trading session the course of the metal is quite unclear, as it is set to decline down to the lower trend line of the ascending channel. Although, the course of the upcoming short lived bullion’s fall is quite hard to pinpoint due to the existence of the various moving support levels
