On Tuesday morning it could be observed that the commodity price had bounced off the support of the combination of all three SMAs that are used by Dukascopy analysts.
On Monday morning the yellow metal's price had clearly bounced off the resistance of the previously active pattern.
The price movement for the XAU/USD pair has been pressured by the 55- and 100- hour SMAs.
Gold surrendered it gains during the second part of Wednesday's trading session.
Gold continued to strengthen against the US Dollar.
A strong bullish sentiment pushes gold higher against the US Dollar on Monday.
The yellow mental continues to fall lower against the US Dollar.
The short of the Yellow metal continues to book more gains for traders, as on Thursday additional support levels were passed.
After the encounter of the upper trend line of the dominant channel down pattern the yellow metal's price has declined.
The gains of the bullion have increased on Tuesday. However,
As the metal's price passed the 1,350 mark, the surge of the bullion was stopped by the first monthly resistance at 1,351.22 level.
The yellow metal's gains were extended on Friday, as the bullions price surged above the 1,340 mark.
The early hours of Wednesday experienced the bullion breaking one resistance level after another, as the various SMAs and a Fibonacci retracement level where passed.
The early hours of Wednesday experienced the bullion breaking one resistance level after another, as the various SMAs and a Fibonacci retracement level where passed.
On Tuesday the bullion continued its retreat, as the US Dollar gained strength amid a massive equity sell off.
During the middle of Thursday's trading the yellow metal ignored the various support levels near the 1,325 mark and began a decline.
During the middle of Thursday's trading the yellow metal ignored the various support levels near the 1,325 mark and began a decline.
On Thursday the main new information in regards to the yellow metal prices is the reveal of new patterns.
The recent fall of the US Dollar has caused the yellow metal's price to surge to the 1,330 mark.
As it seemed that the bullion was set to break through the last notable resistance on the hourly chart, the resistance beat the bullions price back down below the 1,320 mark.
The short term situation on the XAU/USD charts has become increasingly complicated.
The short term situation on the XAU/USD charts has become increasingly complicated.
The bullion failed to find support in the lower trend of the previously active channel up pattern.
The yellow metal's surge became almost parabolic on Tuesday. The event has caused a minor decline on Wednesday morning.