The bullion continues on its path lower in the strong and many times confirmed descending channel pattern.
The bullion proved once again to be unable to confirm the gains posted on Friday's trading session and erased the motion on Monday, continuing the ranging pattern it has been trading inside of for the last four sessions.
The yellow metal seems not able to pass the weekly S2, which is located at the 1,263.56 level. The reasons for that are various.
On Thursday morning the bullion remained above the weekly S2, as it had been forced down by a significant resistance.
The yellow metal has retreated down to the weekly S2 at the 1,263.56 level. Meanwhile, the future direction of the bullion is complicated.
As it was expected, the bullion found support in the lower trend line of a medium term ascending channel pattern, which is a sign of an upcoming surge.
Due to the French election induced certainty the yellow metal has fallen.
The yellow metal's price seems to have started a period of hibernation before the French presidential election.
As it was expected, the bullion has retreated to the 61.80% Fibonacci retracement level at 1,278.73. However,
The metal keeps encountering resistance just above the 1,290 mark. However, throughout the week it can be observed that a range has been established.
The yellow metal continued the retreat on Tuesday due to fundamental events in the US.
As it was expected, the metal opened the day's trading higher than the previous close.
The yellow metal is not traded on Friday. However, additional information from Thursday can be analyzed.
The yellow metal has reached and touched the 1,288 mark during the night.
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.