The yellow metal's price began to surge at midnight to Thursday, which lasted until the middle of the day's trading session. However, that was not expected to last.
On the hourly chart it could be clearly observable that the commodity still remained in a junior descending pattern, whose upper trend line was set to provide resistance to the bullion. Moreover, the various hourly simple moving averages were approaching the trend line from the north.
Due to these reasons combined it is assumed that the 1,236.00 mark, where a historical low is located at, will be targeted next.
Interested in XAUUSD technicals? Check out the key levels
- R3 1267.87
- R2 1262.38
- R1 1252.19
- PP 1246.69
- S1 1236.51
- S2 1231.01
- S3 1220.82
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