As it was expected, the pair found a resistance at 1,313.61 and, after reaching it, began to slip to the bottom.
Due to increasing hostility between the United States and North Korea, gold traders managed to return its price back to the 1,313.61 level.
As it was expected, the yellow metal failed to return and break above the strong resistance set up by the monthly PP at 1,300.00.
In line with expectations, the pair made a rebound from the bottom edge of a senior pattern and resumed the surge.
In result of the Fed's decision the pair managed to relatively easily bypass a psychological barrier, which was located near the 1,300.00 mark.
Yesterday the pair did not make an attemp to test a signifficant suppor, which is located at the 1,300.00 level.
On Monday, the gold expectedly continued to depreciate against the buck.
Last Friday was a notable day for the yellow metal, as it did not manage to hold within a long-term ascending channel.
Due to strong pressure both from the top and from the bottom, the pair did not make any signifficant advances yesterday.
Due to release of data on the US PPI, the buck appreciated quite sharply against the bullion.
Yesterday the yellow metal slipped below the support at 1,329.68, but then managed to recover.
The yellow metal's price just recently fell below a significant support level, which indicates at a continuation of the decline of the bullion.
Last Friday the exchange rate made an expected rebound from the upper resistance line of a medium rising wedge and left the pattern.
Yesterday the exchange rate expectedly continued to climb to the top, using a support provided by the 55- and 100hour SMAs.
A release of data on the US ISM Non-manufacturing did let the pair to use an upside momentum provided by the 55-hour SMA to try to reach the monthly R1 near 1,348.36
On Tuesday, the exchange rate had finally bypassed the weekly R1, using the 55-hour SMA as a springboard.
Yesterday the exchange rate unsuccessfully tried to break through the weekly R1 at 1,339.42
In result of the escaling North Korean crisis investors start to transfer their money into a more safer assets, such as gold.
During the previous trading day the bullion gained 1.3% in value against the buck.
Most of the previous trading day the yellow metal spent in a descending triangle pattern.
Yesterday the pair made a sharp turn around due to release of information of the US CB Consumer Confidence.
The first of the week was very fortunate for the gold, as the gained 1.91% in value against the US Dollar.
The charts of the yellow metal are showing wonders, as the bullion managed to fulfil the two possible scenarios speculated to occur during the Jackson Hole Symposium.
On Friday the bullion remained in the expectations of the Jackson Hole symposium.