After posting a small green candle on Monday, gold re-entered the expected gloomy trend on Tuesday with an attempt to reenter the channel it broke out of before.
Gold respected the upper boundary of the month-long channel seen on the hourly chart, and opened with a red candle with directional risk at the senior downtrend of 1,149.11.
Following a break out of the channel Gold had followed for a month, XAU/USD remained both above the channel trend-line and the 1,169.10 level of significance.
XAU/USD tested the resistance at 1,178.21 Thursday morning, but is yet to confirm a breakout with a close above.
Gold remained completely flat throughout Tuesday's trading session and opened in the red zone Wednesday morning.
Despite its safe haven nature, the Bullion lost value against the US Dollar amid high uncertainty in markets.
Despite its safe haven nature, the Bullion lost value against the US Dollar amid high uncertainty in markets. XAU/USD opened 1.4% red Monday morning, respecting the monthly channel, and re-entering the short-term one.
The yellow metal slightly moved to the upside on Friday morning, as it was regaining some of yesterday's losses.
The metal had slightly rebounded on Thursday morning, as it suffered heavy losses during the OPEC meeting, where the agreement to cut oil production was made.
The yellow metal began the day below the weekly PP, which is located at 1,191.86, and it is most likely that the metal will not be able to break through the resistance put up by the level of significance.
On Tuesday morning the yellow metal bounced around the weekly PP without a clear direction. The reason for that are the short term support levels, which keep it up on the hourly chart.
The yellow metal reached the medium term descending channel pattern's upper trend line and could not pass it on Monday morning. However, the bullion also faced the strong level of significance at 1,200, which is not likely to be passed easily. Due to that, it is most likely that the bullion is set to rebound after enough failed attempts at
The yellow metal experienced more volatility to the downside during Friday session's early trading hours.
Gold finally fell to and below the 1,200 mark, as it had been expected for some time. On early Thursday morning the bullion was looking for support.
Gold was back below the 1,215 mark on Wednesday morning. However, it retreated already by the end of Tuesday's trading.
The metal surged on Tuesday morning, as it broke through the resistance put up by the weekly PP at 1,214.32.
The yellow metal was in a rebound on Monday morning, as the bullion surged in a newly formed, short term ascending channel.
Gold opened red on Friday for the third consecutive session, suggesting that investors position the current global polit-economic situation lower on the uncertainty barometer than it was previously estimated.
The yellow metal stopped on Thursday morning at almost the same spot, where it started Monday's trading session.
The yellow metal traded almost flat during the early hours of Wednesday's trading session, as the bullion struggled to move higher.
The yellow metal stopped falling in the second half of Monday's trading session, and it has regained some of the previous losses on Tuesday morning.
The yellow metal began Monday's trading below the 1,230 level, as it suffered major losses on Friday by falling 2.6% by the end of the day's trading session.
The bullion traded above the 1,257 level, where the weekly S2 is located at, and the metal had found resistance in the 1,250 level during the first half of Friday's trading session.
The yellow metal resumed its movements in accordance with the larger scale pattern on Thursday, as the bullion surged and aimed at the 1,294.24 level, where the next resistance is located at.