Gold has formed a minor ascending triangle against the US Dollar.
On Tuesday morning after a couple of more attempts to surge above the 1,350 mark, the metal's price had remained near the 1,340 mark.
The bullion almost touched the 1,350 mark in the last 24 hours.
After piercing the 23.60% Fibonacci retracement level, the XAU/USD pair began to gain strength.
The bullion's price has surged like a rocket. All patterns have been broken and a full review of the Technical Analysis aspect will be done.
The yellow metal's price has found support in a previously active channel's support, which was considered previously obsolete.
On Tuesday morning it could be observed that the commodity price had bounced off the support of the combination of all three SMAs that are used by Dukascopy analysts.
On Monday morning the yellow metal's price had clearly bounced off the resistance of the previously active pattern.
The price movement for the XAU/USD pair has been pressured by the 55- and 100- hour SMAs.
Gold surrendered it gains during the second part of Wednesday's trading session.
Gold continued to strengthen against the US Dollar.
A strong bullish sentiment pushes gold higher against the US Dollar on Monday.
The yellow mental continues to fall lower against the US Dollar.
The short of the Yellow metal continues to book more gains for traders, as on Thursday additional support levels were passed.
After the encounter of the upper trend line of the dominant channel down pattern the yellow metal's price has declined.
The gains of the bullion have increased on Tuesday. However,
As the metal's price passed the 1,350 mark, the surge of the bullion was stopped by the first monthly resistance at 1,351.22 level.
The yellow metal's gains were extended on Friday, as the bullions price surged above the 1,340 mark.
The early hours of Wednesday experienced the bullion breaking one resistance level after another, as the various SMAs and a Fibonacci retracement level where passed.
The early hours of Wednesday experienced the bullion breaking one resistance level after another, as the various SMAs and a Fibonacci retracement level where passed.
On Tuesday the bullion continued its retreat, as the US Dollar gained strength amid a massive equity sell off.
During the middle of Thursday's trading the yellow metal ignored the various support levels near the 1,325 mark and began a decline.
During the middle of Thursday's trading the yellow metal ignored the various support levels near the 1,325 mark and began a decline.
On Thursday the main new information in regards to the yellow metal prices is the reveal of new patterns.