On Tuesday morning the yellow metal’s price was trading just above the lower trend line of the long term ascending channel pattern. However, the commodity price was about to face various levels of resistance. First of all the 55, 100 and 200-hour simple moving averages will attempt to keep the bullion lower. The resistance levels are located, respectively, at 1,260.83, 1,263.25 and 1,264.01 levels. Moreover, there is a weekly pivot level located near the 1,260 mark. Due to these reasons market participants should watch, whether the metal’s price breaks through the combined strong resistance or not. As the result of the face off will show the future medium term direction of the commodity price.
