An announcement of the US Advance GDP last Friday resulted in a 0.76% increase of the yellow metal price. Nevertheless, the impulse given by this fundamental event in conjunction with the monthly PP at 1,258.37 was not enough to allow the rate to reach the upper trend-line of an ascending channel. In the beginning of Monday’s trading session it made a rebound near the 1,270.93 level and started to move towards the updated weekly PP at 1,281.80, which is additionally secured by the 55-hour SMA. In order to stay in the channel, the pair needs to reach its southern boundary. If it fails to do so and rebounds from the above support level, this might be a sign of a formation of a rising wedge.
