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.
Gold has declined in the borders of the previously discovered pattern as expected.
Main new information about gold is that it has revealed a medium scale descending pattern.
The surge of gold has ended, as the commodity price has declined below the support of the 55 and 100-hour simple moving averages and retraced back down to 1,220.00.
The yellow metal has reached a new high level. Namely, the 1,230.00 mark.
After pausing and consolidating the yellow metal has resumed its surge up to the levels near the 1,230 mark.
The surge of the yellow metal has decreased its volatility range and in the meantime crossed the resistance of the 200-hour simple moving average at 1,215.86.
The yellow metal has bounced off the support of the dominant pattern and surged up to the 1,215.00 mark.
On Wednesday, gold prices remained at the lower trend line of a dominant ascending pattern.
The 1,200 level was reached, as it was already stated on Monday.
By looking at the daily chart it can be observed that the commodity price is set to reach the 1,200 mark.
Gold continues to decline. Meanwhile, note that the chart has been redrawn.