During the first half of Thursday’s trading session, Gold fell by 144 pips or 0.82% against the US Dollar. However, the commodity rebounded from a support level of 1744.8 at the end of the session.
Currently, the yellow metal 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 1720.00 area could be expected within this session.
However, if the channel pattern holds, buyers are likely to drive the precious metal’s price higher today.
