Most patterns and technical analysis in general has become obsolete on the XAU/USD chart. As the FOMC Statement was released, the US Dollar fell all across the trading board. In regards to the price of the yellow metal, the commodity price jumped from levels below the 1,250 mark and reached above the 1,264 level. Although a surge was previously expected, such sharp jump was not expected. Due to the changes in the fundamental situation first a consolidation period will begin, which means that the metal’s price might decline by the end of Thursday’s trading session. Afterwards the Dukascopy Research team will do a full review of the technical situation on the metal’s charts.
