The surge of the bullion continued on Tuesday, as the metal passed the resistance of the 200-hour SMA. Due to that reason, no resistance laid on the path of the metal up to the 1,200 mark.
On Friday a breakout to the upside occurred on the yellow metal's charts. The action did not stop on Monday.
On Friday, gold prices remained at the same level. Although, the price was struggling with a combined resistance level at the 1,180. mark.
Gold prices have booked a new low level. However, after the reaching of the low level the bullion began to regain some of the losses on Thursday.
The decline of the bullion has extended itself even more than expected.
On Tuesday, the yellow metal slightly recovered after reaching below the 1,195.00 level
On Monday, the long ago set target of the 1,200.00 mark was almost reached.
On Friday morning the bullion managed to finally break free from the support of the hourly simple moving averages.
On Thursday, the bullion's price continued to trade between the SMA's of the hourly chart.
On Wednesday morning, it could be observed that the yellow metal's price traded between various SMA's in the zone between 1,211 and 1,217.
Gold halts near a one-year low of 1,208.00 for the second time.
XAU/USD was guided by a junior descending channel pattern.
As expected, the bullion was pressured downwards in the last 24 hours,
By looking at the charts of the yellow metal one can observe that the metal has broken all of the trend lines previously drawn on the hourly chart. However,
After some increase of volatility the yellow metal's price has remained near the 1,220.00 mark.
On Tuesday morning the decline of the yellow metal's price continued, as the price traded near the 1,220 mark.
On Monday morning it could be observed that the yellow metal's price pierced the support of a medium term ascending channel pattern.
Friday's session begins with XAU/USD trading with low volatility
Breakout has occurred through the upper boundary of a descending channel on the XAU/USD pair today.
XAU/USD fails to accelerate on Tuesday.
Gold is starting to show some signs of a recovery.
Gold is starting to show some signs of a recovery.
The strengthening of the US Dollar early today has pushed Gold even lower down to 1,222.00.
The decline of the bullion started later than expected on Thursday. However, it still trades in a descending channel pattern.