On Wednesday, the yellow metal slumped by 163 pips or 0.86% against the US Dollar. The decline was stopped by the 55– hour simple moving average during Wednesday’s trading session.
Currently, the precious metal is trading near the lower line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 200– hour simple moving average at 1875.3 could be expected today.
However, if the channel pattern holds, buyers may target the 1915.00 level within this session.