The yellow metal’s price fell by 215 points or 1.17% during Friday’s trading session. The decline was stopped by the 200– hour simple moving average at 1811.00 on Friday.
The commodity is currently 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 1800.00 level could be expected within this session.
However, if the channel pattern holds, the XAU/USD exchange rate could make a brief retracement towards the 55– hour SMA at 1823.91 in this session
