The volatility of the yellow metal increased in the second part of Monday's trading. The metal's price dropped back down to the support of the 100 and 200-hour simple moving averages at the 1,289.00 level. The event caused another surge, which was set to surge and once more test the upper trend line of a channel down pattern, which can be
The yellow metal on Friday was trading in accordance with technical tools. Namely, the 200-hour simple moving average had forced it into a surge, which had reached higher. After a too extended surge the metal declined down to consolidate its gains. The retracement downwards stopped at the 23.60% Fibonacci retracement level at the 1,291.57 level. In general, the surge was expected to
The yellow metal jumped in a range of twenty USD during the last twenty four hours.
The support provided by the 200-hour simple moving average has been passed. The metal is expected to decline.
On Tuesday morning the yellow metal found support in the 200-hour simple moving average at the 1,282.00 level.
The yellow metal on Monday traded above the 1,290.00 level, where it was supported by a Fibonacci retracement level.
On Wednesday, the yellow metal touched the 1,290.00 level.
The yellow metal has reached above the long targeted 1,260.00 level, which was broken, as the metal reached above 1,265.00 level.
Initially, as the US hiked their interest rates on the USD, gold prices dropped dwon to the 1,242.00 level.
The yellow metal remains in the borders of an ascending pattern.
On Tuesday the yellow metal's price was testing the resistance provided by the 1,250.00 mark.
The medium scale pattern of the daily chart is holding its ground. Namely, it forced the metal into a rebound on Friday.
The gold charts were reviewed on Friday. Although, the junior pattern was broken a couple of hours after the review.
The recent surge failed to pass the 1,250.00 level.
The yellow metal declined down to the 1,242.00 level, where it found the needed support to continue its surge.
After reaching the 1,250.00 level the yellow metal began a retreat down to the previously passed Fibonacci retracement levels.
The resistance at 1,241,40 has been pierced.
Another attempt to pass the resistance at 1,241.40 was made just as forecast. Although, the pair did not pass the resistance level.
After reaching the targeted 1,240.00 level on Tuesday, on Wednesday gold prices declined downwards until they met with the support of the 55-hour simple moving average.
The target of 1,240.00 has been reached.
Gold continues to surge in an ascending pattern. However, it has encountered the resistance of the pattern and is set to consolidate its gains.
After the previous jump, gold prices retraced downwards and revealed the borders of a short term ascending pattern.
After trading sideways on Wednesday, gold prices jumped back up to the levels just below the 1,230.00 mark.
The price of Gold has plummeted down to levels below the 1,215.00 mark.