The yellow metal has broken previously active pattern's trend lines. The reason for that
The yellow metal has found support and is moving higher on Tuesday. However,
The rebound against the 1,320 mark has extended itself. The bullion's price has reached near the 1,340 level. However,
The 1,320 level has held its ground and even forced the pair to break the week long descending channel pattern.
The Yellow metal has extended its decline on Thursday.
On Wednesday the yellow metal's price reached the lower trend line of a long term ascending channel pattern.
As the yellow metal was failing to pass the levels near the 1,360 mark, a review of the commodity price's charts was conducted.
The surge of the metal's price has been continuing tightly next to the upper trend line of the ascending channel pattern.
The breaking of the resistance has given more gains. However, there was a very notable event, which resulted in a drawdown on Wednesday.
The pair broke the resistance, which kept it down on Tuesday. The metal is set to revel new patterns, which should be aimed upwards.
The yellow metal's price on Tuesday reached a very important resistance level.
Economic activity in the US services sector was the strongest in more than 12 years, supported by rising new orders, suggesting that the economy sustained the strong momentum in the beginning of the year.
Economic activity in the US services sector was the strongest in more than 12 years, supported by rising new orders, suggesting that the economy sustained the strong momentum in the beginning of the year.
Economic activity in the US services sector was the strongest in more than 12 years, supported by rising new orders, suggesting that the economy sustained the strong momentum in the beginning of the year.
The yellow metal seems to be the only asset not affected by the panic occurring this week in the markets.
The yellow metal seems to be the only asset not affected by the panic occurring this week in the markets.
The short term forecast for the bullion has been wrong, as the tests of the 1,350 mark have ended with a failure.
The yellow metal's price on Monday made another attempt to pass the 1,350 mark. However,
The previously discovered short term channel down pattern of the hourly chart has provided resistance to the metal's attempt to regain ground.
On Wednesday morning the yellow metal traded in a range between the 1,335.00 and 1,350.00 levels.
On Tuesday morning the yellow metal's price extended its decline until it was finally stopped by a psychological level.
After the weekend the yellow metal's price remained near the 1,350 mark. However,
Due to a speech given by Donald Trump at the World Economic Forum,
The long awaited passing of the 1,350.00 level has occurred.