GOLD Breaks Large Pattern

The yellow metal reached the 1,730.00 mark. Moreover, it broke this level’s resistance. In addition, the upper trend line of a large scale channel down pattern that had guided the rate since early February was broken.

Meanwhile, analysts have spotted and added to the chart a channel up pattern, which has guided the price during this week. This week, almost all of USD traded assets and currency pairs have revealed a minor channel pattern, which captures a decline of the USD. The XAU/USD pair is no exception.

In regards to the future, the price should remain in the pattern. However, the metal was still expected to find both resistance and support in round price levels. For example, the 1,740.00 and 1,750.00 are expected to provide resistance. In the meantime, the 1,730.00 level could provide support.