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.
A Trump victory slammed the US Dollar down, as yellow metal touched the 1,337 level during the early Wednesday morning.
The yellow metal is set to surge in case of a Trump victory, as market participants would choose it over other risky investments. Meanwhile, the metal found support and surged prior to the election of the US president, as we are hours from finding out
The yellow metal started the week a lot lower than it ended Friday's trading session, as US politics during the weekend forced the bullion into a retreat.
On Friday morning the yellow metal traded below the 1,300 mark, as it found support in the second weekly resistance level at 1,296.73.
On early Thursday morning the bullion was recouping the losses, which it suffered during a retreat in the second half of Wednesday's trading.
The surge of the bullion continues and is set to continue, as the yellow metal reached above the 1,290 level and has a resistance free way up to the 1,296.73 level where the second weekly resistance is located at.
The yellow metal surged on Tuesday morning. However, it was stopped at 1,279 by the newly calculated monthly pivot point.
The yellow metal slightly fell on Monday morning, as the bullion approached a support cluster located just below it near the 1,273 level.
The yellow metal is at the same level where it has been throughout the week. However, there is one slight difference, if the metal's price on Friday is compared with the previous three sessions.
The bullion slightly surged on Thursday morning. However, the surge occurred after a much larger retreat during the second half of Wednesday's trading session.