In line with expectations, Friday’s trading session the yellow metal closed above the 1,250 level, as it faced no sizable resistance barriers on its way. For the same reason, in the Monday’s morning it continued the surge, although at a slower pace. In case the pair will retreat from the monthly PP at 1,258.37, the subsequent fall should be stopped by a combination of the 50% Fibonacci retracement level at 1,249.16 and the 55-hour SMA or the weekly PP at 1,246.65 and the 100-hour SMA. However, given that the pair is moving in a one month long ascending channel, it is unlikely that a sharp drop will follow. In contrast, the rate, most probably, is going to try to reach the pattern’s upper trend-line and only afterwards make a fully-fledged rebound.
