Yesterday the yellow metal slipped below the support at 1,329.68, but then managed to recover.
The yellow metal's price just recently fell below a significant support level, which indicates at a continuation of the decline of the bullion.
Last Friday the exchange rate made an expected rebound from the upper resistance line of a medium rising wedge and left the pattern.
Yesterday the exchange rate expectedly continued to climb to the top, using a support provided by the 55- and 100hour SMAs.
A release of data on the US ISM Non-manufacturing did let the pair to use an upside momentum provided by the 55-hour SMA to try to reach the monthly R1 near 1,348.36
On Tuesday, the exchange rate had finally bypassed the weekly R1, using the 55-hour SMA as a springboard.
Yesterday the exchange rate unsuccessfully tried to break through the weekly R1 at 1,339.42
In result of the escaling North Korean crisis investors start to transfer their money into a more safer assets, such as gold.
During the previous trading day the bullion gained 1.3% in value against the buck.
Most of the previous trading day the yellow metal spent in a descending triangle pattern.
Yesterday the pair made a sharp turn around due to release of information of the US CB Consumer Confidence.
The first of the week was very fortunate for the gold, as the gained 1.91% in value against the US Dollar.
The charts of the yellow metal are showing wonders, as the bullion managed to fulfil the two possible scenarios speculated to occur during the Jackson Hole Symposium.
On Friday the bullion remained in the expectations of the Jackson Hole symposium.
On Thursday morning the bullion continued to trade below the first monthly resistance, which is located at the 1,292.91 level.
On Wednesday morning the price of the yellow metal remained in a short term descending channel pattern, which represents the consolidation after reaching above the 1,300 mark.
As it was expected, after hitting the 1,300 mark, the yellow metal's price began a period of consolidation.
The yellow metal has hit the 1,300 mark, as it was expected throughout last week.
The surge of the yellow metal continues, as forecasted. A new target has been pierced and set.
The bullion has rebounded against a previously described cluster of support. The next target of the bullion is the monthly R1 at the 1,292.91
The bullion has reached a cluster of various supports and reached below the 1,270 mark. The move was expected. However,
The yellow metal is declining, as expected. However, the next target of the metal's fall has already been spotted.
The 1,290 mark has been hit. More gains in the short term is not expected, as the bullion is retreating on Monday.
The yellow metal continues to surge. Next target is the 1,290 mark.