Due to the increase of the US Dollar’s weakness the yellow metal’s price has continued to climb. Moreover, the continuation of the surge is set to continue.
Just before the year changed and 2018 started, the currency pair reached already above the 1,300 mark. Meanwhile, during the first trading day of the year the commodity price had reached above 1,310 level.
However, after doing a review of the junior channel up pattern’s borders it was discovered that the pair has been slowed down by an upper trend line of the junior pattern. It is possible that the resistance could force the metal’s price slightly lower.
Although, that is highly unlikely.
Interested in XAUUSD technicals? Check out the key levels
- R3 1302.78
- R2 1302.7
- R1 1302.65
- PP 1302.57
- S1 1302.52
- S2 1302.44
- S3 1302.39
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