The yellow metal reached the 1,280 mark during the early hours of Wednesday trading. The jump of the bullion's price on Tuesday was caused by political turmoil, which caused a run to safety.
On Tuesday morning the yellow metal continued to fight with the resistance put up by the 200-day SMA and the weekly PP just above the 1,255 mark.
The fundamental jump of the bullion's price, which occurred on Friday was also erased on Friday. On Monday the yellow metal trades below the 1,255 mark.
The yellow metal's price has jumped due to the fact that at 01:00 GMT the US conducted a missile attack on Syria. Funds flow into safe haven investments like the bullion, the Yen and the Swiss Franc.
On Thursday morning the yellow metal made an attempt to break higher. However, the bullion once more failed. Due to that fact it is expected that another retreat to the 1,250 mark is about to occur.
On Wednesday morning the yellow metal had retreated to trade near the 1,255 level. There the bullion faced the resistance put up by the 200-day SMA, which
Gold posted a solid green candle Tuesday morning amid rising pressures from below in the form of a strong demand area.
On Monday morning the yellow metal made an attempt to break through the resistance cluster, which surrounds the 1,250 mark. The bullion failed at its efforts.
Due to the strength of the US Dollar the yellow metal's price has fallen to the 1,240 mark. However, support has been found and the bullion was recovering on Friday morning.
On Thursday the commodity price remains near the 1,250 level, where it has been fluctuating for the past two trading sessions.
During the early hours of Wednesday's trading session the yellow metal's price continued the decline, which began on Tuesday.
After touching the 1,260 mark on Monday, the yellow metal has retreated back to the 1,250 mark on Tuesday. However,
Not only did the yellow metal started Monday's trading session higher, it also has managed to surge above the 1,250 mark and break the resistance, which kept it lower during the past three trading sessions.
During its retreat the bullion seems to have found a temporary support, as the weekly R1 at 1,242.38 is keeping the commodity price from falling even further.
As expected, the yellow metal recently reached the 1,250 mark. However, a long term trend line forced the bullion to retreat, and the retreat lasted into Thursday's trading session.
During the early hours of Wednesday's trading the yellow metal's price was fluctuating between the weekly R1 at 1,242.38 and the 50.00% Fibonacci retracement level, which is located at the 1,248.96 level.
During the early hours of Tuesday's trading session the yellow metal's price declined. However, most technical signs showed that the bullion was about to regain the lost ground and continue the surge.
The yellow metal continues to score gains, as it approaches the monthly PP, which is located at the 1,236.39 level.
The yellow metal traded above the 1,225 mark on Friday morning. However, it is most likely that new heights will be booked.
The yellow metal has extended its gains into Thursday's trading session. However, it encountered notable resistance by the middle of the day and began to consolidate.
The yellow metal awaits the Federal Reserve to announce its decision on the Federal Funds Rate. However,
The yellow metal's price after all retreated back to previous levels, as the bullion trades indecisively near the 1,200 mark, which in accordance with some analysts is a psychological support level to the commodity price.
It seems like the rebound of the yellow metal is occurring after all, as the medium term descending channel has been broken on Monday. However, the financial markets throughout the week will be more concentrated on fundamental events,
During the early hours of Friday's trading session gold price fell below the last support level at 1,199.19 before the 1,182.37 mark, where the 23.60% Fibonacci retracement level is providing support.