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The yellow metal’s price has broken the descending wedge pattern and almost immediately dropped to the 1,720.00 level. However, afterwards a recovery started and on Monday morning, the price was once again located near the 1,760.00 level.

In the near term future, the price was expected to reach for the resistance of the 55-hour simple moving average near 1,770.00 and afterwards the 100 and 200-hour SMAs near 1,785.00.

If the 55-hour SMA provides resistance, the rate could decline back to the 1,720.00 mark.