The yellow metal bounced off the support cluster just below the 1,270 mark, as it was expected on Thursday morning. As a result of the rebound, the pair broke the medium term channel down pattern.
On Thursday morning the possible borders of a narrow ranged channel up pattern were spotted. However, it is most likely that the channel is just a representation of the first move in the borders of another medium term pattern.
Although, a forecast for Thursday can be made easily. The metal is most likely going to surge up to the 1,292.91 level, where the next notable resistance level is located at. If it is broken, the commodity price might reach the 1,300 mark.
