Gold has declined in the borders of the previously discovered pattern as expected.
Main new information about gold is that it has revealed a medium scale descending pattern.
The surge of gold has ended, as the commodity price has declined below the support of the 55 and 100-hour simple moving averages and retraced back down to 1,220.00.
The yellow metal has reached a new high level. Namely, the 1,230.00 mark.
After pausing and consolidating the yellow metal has resumed its surge up to the levels near the 1,230 mark.
The surge of the yellow metal has decreased its volatility range and in the meantime crossed the resistance of the 200-hour simple moving average at 1,215.86.
The yellow metal has bounced off the support of the dominant pattern and surged up to the 1,215.00 mark.
On Wednesday, gold prices remained at the lower trend line of a dominant ascending pattern.
The 1,200 level was reached, as it was already stated on Monday.
By looking at the daily chart it can be observed that the commodity price is set to reach the 1,200 mark.
Gold continues to decline. Meanwhile, note that the chart has been redrawn.
Gold prices have retreated down to the 1,220 level.
On Wednesday, yellow metal prices traded above the support of three notable simple moving averages.
On Tuesday, Gold prices had passed the resistance of the 55-hour simple moving average.
Gold prices on Monday remained near the 1,230.00 level.
The yellow metal's price has remained largely unchanged in the last twenty four hours.
Before reaching the 1,210.00 mark, gold prices began a surge, which on Thursday had reached above the 1,230.00 level.
The yellow metal on Wednesday was continuing its decline down to the 1,210.00 mark.
The metal's price has fallen down tot eh 1,220.00 level.
Gold prices have booked a new high level, as on Friday they finally reached above the 1,240.00 level.
On Friday, the third attempt to reach above the 1,240 level was stopped by the resistance of a large scale ascending pattern.
Gold prices once more almost touched the 1,240.00 mark. Although, the rate retreated after the attempt until it found support in the 55-hour simple moving average and prepared for another attempt to pass the just mentioned level.
The yellow metal reached the 1,240.00 mark. The move occurred by simultaneously piercing the upper trend line of a dominant ascending pattern.
The yellow metal has reached the upper trend line of a dominant ascending pattern.