As most financial instruments that are denominated against the US Dollar, gold prices have surged. On Thursday morning the commodity price was already approaching an upper trend line of a medium scale channel up pattern. The price was guided to that trend line by a junior channel up pattern.
Due to that reason the metal’s price should be watched carefully. An encounter with the mentioned trend line might turn out into a new short term trend, which might take any direction.
The metal might decline down to the 55-hour SMA, begin a consolidation or continue the surge. In short, watch for clues
