XAU/USD Analysis: Breaks patterns
|Fundamental data released and covered on Friday by the Dukascopy research team on the live webinar platform has forced the yellow metal’s price higher. The US Consumer Price Index data sets, which were released as much lower than expected, were the cause of the jump. As a result of the jump the junior and dominant channels were broken. However, it could be observed on Monday morning that the upper trend line of the ascending channel had begun to provide support to the commodity price. Due to these reasons combined it can be expected that the gold price will continue to surge. However, the situation all in all has to be reviewed fully, as the underlying strength of both financial instruments has changed.
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