The XAU/USD chart shows that yesterday gold reached a fresh all-time peak, breaking above $3,870 for the first time. Yet despite this initial surge, XAU/USD has fallen sharply today. Technical Analysis of XAU/USDIn our previous review of gold prices, we identified an ascending channel, which continues to remain relevant. Yesterday, during the US trading session, gold pushed well beyond the channel’s upper boundary. It is therefore quite possible that the bulls expended most of their strength on yesterday’s surge.