The yellow metal's price has surged above the 1,285.00 level by the middle of Wednesday's trading session. Moreover, the surge was expected to continue.
Dukascopy Analytics were surprised to find out that the previously drawn descending pattern, which was in focus of the daily reviews before Christmas, was still holding at the start of January.
On Wednesday, the GBP/USD was piercing one support level after another near the 1.2690 mark. Namely, various SMAs and pivot points were being passed.
The EUR/USD first daily review reveals that the currency exchange rate was standing at a strong technical support cluster at 1.1420. The cluster was made up of the 100 and 200-hour simple moving averages and the weekly pivot point.