As forecasted, the price of the yellow metal reached the 1,290 mark on Friday. However, the surge has most likely ended in the medium term.
The commodity price has reached and bounced off the upper trend line of a dominant ascending channel pattern near the 1,293 mark. The trend line was and still is supported by the various term levels of significance, which are located from the 1,290 to 1,295 levels. In addition, during the bounce off the junior ascending pattern was broken.
Most likely gold price will continue to decline and form a short term descending pattern, which will guide the metal to the support of the dominant pattern.
