The yellow metal continues a streak of losses, ignoring the initial Friday's surge. It is most likely that the metal will continue to fall at least to the level of 1,310, where the 100-day SMA is located.
The yellow metal surged on Friday morning after it found support in the first weekly support level at 1,315.44.
The yellow metal traded near the falling wedge pattern's lower trend line on Thursday morning, as the metal had been more volatile to the upside.
Gold opened bearish on Wednesday, facing some critical action at 1318.15. XAU/USD is about to show its true colours when an attempt at the bottom trend-line of the senior wedge will either open the way to the junior triangle bottom trend-line at 1302.08 or cut off the losses to execute another wave inside of the wedge, breaking the junior triangle.
Gold brought some volatility into the market, taking a bearish stance after a tap at the upper trend-line of the three-month descending triangle at 1338.91, supported by 1332.22, the 55-day SMA.
Gold showed little volatility on Monday morning, making its way through the senior ascending channel.
The yellow metal remained near the level of 1,335 on Friday morning, which is around the same level, where Thursday's trading session was opened.
Currently repeating tests at 1333.0, but from the upside, the bullion could reverse and break the level if disappointing fundamental data comes out.
The bullion just can't break the resistance provided by the weekly PP at 1,316.02, as the metal is trying to break it for the third consecutive trading session on Wednesday morning.
The yellow metal continued to fight the resistance put up by the weekly PP at 1,316.02 on Tuesday morning.
The yellow metal continues a rebound started on Friday, as the metal scored some gains in the early morning until it reached the newly formed weekly PP at 1,316.02.
The bullion failed to break the resistance on Thursday, as it fell to trade below the weekly S1 below 1,315 on Friday morning.
The yellow metal is testing resistance at 1,326.43, which is represented by the monthly PP combined with the 20-day SMA at 1,327.90.
The yellow metal fell on Tuesday and reached the first weekly support at 1,315.33. On early Wednesday morning, the bullion moved past the weekly S1.
After finding support previously on Monday, the yellow metal is trading almost flat on Tuesday between the weekly PP at 1,333.94 and monthly PP at 1,326.43.
The yellow metal found support on early Monday morning, as it rebounded. However, the rebound is insufficient to be called a surge, as the metal is squeezed between the monthly PP and various resistance levels.
The yellow metal looked for support on Friday morning, as it traded below the 1,340 level. Previously, the metal attempted to break through a resistance cluster just below the 1,350 mark.
The yellow metal struggles with a resistance cluster made up from the weekly R2 at 1,346.69 and monthly R1 at 1,348.50.
Gold is continuing to score gains on Wednesday, as the large resistance cluster, which was stopping the metals surge upward, was broken through on Tuesday.
The yellow metal continued to struggle with the monthly pivot point at 1,326.43 on Tuesday morning.
The yellow metal reached the monthly pivot point at 1,326.43 on Monday morning, and it is forecasted to rebound during the day's trading session.
The yellow metal is struggling near the weekly S1 at 1,310.87, as it tries to find support and consolidate previous gains.
The yellow metal traded flat on Thursday morning at the 1,307 mark, which it reached at the end of Wednesday's trading session.
The bullion fell from 1,323.73 to 1,309.57 during Tuesday's trading session, as the metal continued a general downward move, which began in the middle of August.