The yellow metal plunged by 208 pips or 1.14% against the US Dollar on Thursday. The decline was stopped by the 100– hour simple moving average during Thursday’s trading session.
Currently, the commodity is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 200– hour SMA at 1785.6 could be expected within this session.
However, if the ascending channel pattern holds, buyers might aim at the 1830.00 level today.
