On Tuesday morning initially it looked like the yellow metal has broken the dominant ascending channel. However, the situation is quite different. After examining the chart more one can discover that the ascending channel needs to be adjusted. Meanwhile, the bullish long term outlook still persists.
In regards to the short term outlook, the bullion’s price had approached the support of the proven 61.80% Fibonacci retracement level at the 1,279.05 level, where it seemed to have made a rebound.
Although, the metal still faced the 55 and 100-hour SMAs, which needed to be passed until the price surges back higher.
