XAU/USD reaches 1,270 mark

The bullion reached the targeted 1,270 mark, as the better than expected fundamental data was released during the middle of Tuesday's trading session. In addition, the fall that occurred due to the release of the data stopped exactly at the support of the junior descending channel pattern. 

As a result on Wednesday it can be expected that the commodity price will reach higher and touch the upper trend line of the channel. However, by looking at the various level of significance and taking into account already broken lines, it can be assumed that the movement of the metal could be rather flat until it reaches the support of the active dominant pattern just below the 1,270 mark.