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.
After the initial surge at the start of March, the bullion has started to trade sideways. However,
The reaching of the dominant support levels has resulted in a surge, which by the middle of Monday's trading had reached above the 1,325.00 mark.
The yellow metal reached the support levels, which are located just above the 1,300 mark and rebounded against them just as expected.
The bullion has continued to descent and it has reached previously set target. However,
The yellow metal has broken previously active pattern's trend lines. The reason for that
The yellow metal has found support and is moving higher on Tuesday. However,
The rebound against the 1,320 mark has extended itself. The bullion's price has reached near the 1,340 level. However,
The 1,320 level has held its ground and even forced the pair to break the week long descending channel pattern.
The Yellow metal has extended its decline on Thursday.
On Wednesday the yellow metal's price reached the lower trend line of a long term ascending channel pattern.
As the yellow metal was failing to pass the levels near the 1,360 mark, a review of the commodity price's charts was conducted.
The surge of the metal's price has been continuing tightly next to the upper trend line of the ascending channel pattern.
The breaking of the resistance has given more gains. However, there was a very notable event, which resulted in a drawdown on Wednesday.
The pair broke the resistance, which kept it down on Tuesday. The metal is set to revel new patterns, which should be aimed upwards.