Due to uncertainty expressed by some of the FOMC members, the yellow metal continued to gain value against the buck.
Continuous escalation of the North Korean crisis drove the pair towards the weekly R2 at 1,294.86 yesterday.
Due to continuous fears related to possible escalation of the North Korean crisis as well as some other fundamental factors, the gold continued to gain value against the buck yesterday.
An escalation of the North Korean crisis forced traders to actively transfer their funds into yellow metal, thus defusing the effect from surprising release of information about the US labour market.
In result of a rebound which matched with a speech delivered by Governor Powell, the plunged to the weekly S1 at 1,266.63.
Despite positive news about the US non-manufacturing activity, a combination of the 55-hour SMA and the 100-day SMA managed to constrain appreciation of the buck against the gold.
Rising concerns over the Janet Yellen's resignation from the Fed Chair post enabled gold traders to restore some positions against the buck and even break from dominant descending channel.
A release of better than expected information about the US manufacturing activity allowed the pair to successfully cross the 100-day SMA.
Due to fundamental reasons the pair made a sharp turn around and began falling to the south, crossing the 61.8% Fibonacci retracement level near 1,278.95.
In result of a rebound from the 61.8% Fibonacci retracement level at 1,278.96 the gold started to recover against the buck.
In result of a two day downfall, the pair encountered the another significant support level set up by the 61.8% Fibonacci retracement level at 1,278.96.
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.