The yellow metal had been gaining strength for almost a solid week since June 7, and it seemed that the bullion is about to reach the 1,300 mark this week.
The Euro dropped to 1.1233 on Monday against the US Dollar. However, the currency exchange rate managed to recover and end the day' trading session at 1.1290.
The NZD/USD currency pair's slump on Friday caused the ascending channel pattern to be preserved, with its resistance line remaining intact.
The American Dollar was able to outperform the Canadian Loonie, as falling oil prices provided the pair with an opportunity to appreciate.
A decline in oil prices caused the Australian Dollar to edge lower against the US counterpart, but with the monthly PP once again providing substantial support.
Friday ended with the European currency slumping against the Japanese Yen, therefore, breaching the falling wedge pattern to the downside, rather than the upside.
The bullion continued its surge on Friday, as the yellow metal gained strength and the price changed from 1,268.61 to 1,272.83.
As was anticipated the USD/JPY currency pair kept gravitating towards the 107.00 major level on Friday, unable to close far away from that area and, as a result, remained relatively unchanged.
The Sterling was unable to preserve the ascending channel pattern last Friday, as it unexpectedly dropped more than 275 pips against the US Dollar, with the decline triggered by the ‘Brexit' polls, showing that majority was voting to leave the EU.
The Euro depreciated against the US Dollar on Thursday and Friday falling to the level of 1.125, which is almost halfway down to the level of 1.115, at which the currency exchange rate was before the disappointing US non-farm payrolls numbers came out and sent the pair upwards.
Despite the New Zealand Dollar opening with a bullish gap on Thursday, it was unable to climb significantly higher against the US Dollar, also unable to pierce the ascending channel's resistance line.
The USD/CAD has entered what looks like a consolidation period, as Thursday's recovery is considered to be a mere setback in the pair's bearish trend.
The Aussie appears to have reached the peak of its recovery in face of the 55-day SMA, as the AUD/USD pair lost the bullish momentum yesterday, having suffered a 42-pip decline.
As was expected, the EUR/JPY cross partially recovered from its intraday low yesterday, therefore, closed above the falling wedge's support line.
Even though demand for safe-haven assets, such as the Yen, was higher on Thursday, the USD/JPY still managed to recover from its intraday low and retake the 107.00 level.
With experiencing another decline on Thursday, the GBP/USD currency pair inched closer to the ascending channel's support line.
Gold continued scoring gains on Thursday, as the US Dollar lost its value.
After the Euro scored gains against the US Dollar and passed the 1.14 level on Wednesday, the pair retreated on Thursday and fell to 1.13.
The RBNZ surprised with its hawkish statement yesterday, as well as leaving the official cash rate unchanged at 2.25%, caused the New Zealand Dollar to advance against the US counterpart.
For the third consecutive day the US Dollar weakened against the Canadian currency yesterday, but as mentioned in the previous report, with the bearish momentum fading.
The Australian currency failed to undergo the expected correction, as the immediate support cluster caused the given pair to erase intraday losses and put the 55-day SMA to the test.
Wednesday ended with the EUR/JPY cross remaining almost completely flat, unable to pierce the monthly S1 to the downside.
The bullion passed the 1,260 price on Tuesday and did not give up its position, as it gained even more strength against the US Dollar on Wednesday.
As was anticipated, the USD/JPY currency pair failed to fall beyond the 38.20% Fibo yesterday, but closed still just under the 107.00 mark.