The bullion has found support and has been propelled higher by fundamental events.
The decline of the yellow metal has extended, as the bullion has reached levels below the 1,240 mark.
The Bullion has met with various resistance levels, which have pressured it into a decline on Wednesday morning.
A recently adjusted line on the hourly chart of the yellow metal is creating a notable resistance for the commodity price.
The patterns of the XAU/USD charts have been broken by a fundamental change in the US.
The hypothesis that the previously active ascending channel pattern remains in force has been confirmed on Friday morning.
The metal is not continuing perfectly in accordance with the previous forecast. However, the gains are even larger than expected for most traders.
The bullion follows the path, which has been forecasted.
As it was expected, the metal's price has rebounded against the lower trend line of the descending channel pattern.
The yellow metal is bouncing around just above the lower trend line of the medium term descending channel pattern.
On Friday morning the yellow metal remained near previous trading levels. Moreover, it could be seen that this almost flat trend might continue.
For the third consecutive trading session the metal traded near the 1,225 mark on Thursday morning. However,
On Wednesday morning the yellow metal's price remained near the 1,225 mark. However, various new technical information had come in.
The drastic fall of the bullion was stopped by support at the 1,220 mark. As a result a rebound commenced on Tuesday morning.
The bullion continues on its path lower. On Monday the commodity price confirmed the theory that the long term ascending channel pattern will be broken.
The breakout of the triangle pattern has occurred. However, not in the expected direction.
The yellow metal remains in the previous range below the 1,250 mark. However, various clues have revealed the future direction of the bullion.
The yellow metal's price on Wednesday morning continued to fluctuate in the rate established during Tuesday's trading session.
The bullion's price was recovering on Tuesday. However, the metal hit a strong resistance cluster during the morning hours.
The yellow metal has tumbled down by 1.5% during the middle of the morning analysis creation. For the reason of the fall one does not have to look far,
After triggering bullish trader stop losses by suddenly falling below the 1,250 mark on Thursday, the yellow metal continued its surge on Friday morning.
The bullion continues to move higher on Thursday, as the yellow metal's price reached for the 1,255 mark.
It seems that the reversal of the direction of the bullion is about to occur. Various clues indicate that the turning point is close.
As it was expected, the metal's price has fallen below 1,245 mark. However,