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.
The yellow metal declined to the 1,222.00 level.
The yellow metal continues to trade in limbo around the 1,230.00 mark.
Gold is slowly continuing downwards after the previously described bounce off from the dominant resistance.
The yellow metal continues to trade near the 1,230 level. However, it had declined down to a support level near the 1,221.00 mark during the morning hours of Wednesday's trading.