As the commodity trading resumed, the yellow metal skyrocketed on Tuesday morning. In general the metal jumped by 1.6% and gained around eighteen US Dollars to its price.
The title says it all. Gold is among the commodities, which are not being traded today. However, we would like to remind to you to take that into account seriously, as the day is still being shown on the charts. The flat candles can influence a lot short term charts.
The yellow metal has shown a tendency this week to surge in the morning hours and reverse its direction in the afternoon.
The yellow metal remained near the same levels as on Wednesday, as the bullion searched for direction.
On Wednesday the yellow metal's price slightly surged, as the bullion recouped Tuesday's losses.
As it was forecasted, gold began to retreat after a second failed attempt to break through the resistance put up by the weekly PP at 1,140.81.
Gold continued to erase losses on Monday, as the yellow metal approached resistance put up by the newly calculated weekly pivot point at 1,140.81.
Gold erased some of the losses posted on Thursday with a green candle Friday morning, but still remained below the senior downtrend which it dived underneath amid the Fed rate hike announcement Wednesday afternoon.
The metal is currently testing the bottom Bollinger Band at 1,139.03 and appears to be eyeing the 1,135.96 weekly S2.
The Bullion opened green on Wednesday, picking up where it left off above the broken trend-line of the month-long channel.
After posting a small green candle on Monday, gold re-entered the expected gloomy trend on Tuesday with an attempt to reenter the channel it broke out of before.
Gold respected the upper boundary of the month-long channel seen on the hourly chart, and opened with a red candle with directional risk at the senior downtrend of 1,149.11.
Following a break out of the channel Gold had followed for a month, XAU/USD remained both above the channel trend-line and the 1,169.10 level of significance.
XAU/USD tested the resistance at 1,178.21 Thursday morning, but is yet to confirm a breakout with a close above.
Gold remained completely flat throughout Tuesday's trading session and opened in the red zone Wednesday morning.
Despite its safe haven nature, the Bullion lost value against the US Dollar amid high uncertainty in markets.
Despite its safe haven nature, the Bullion lost value against the US Dollar amid high uncertainty in markets. XAU/USD opened 1.4% red Monday morning, respecting the monthly channel, and re-entering the short-term one.
The yellow metal slightly moved to the upside on Friday morning, as it was regaining some of yesterday's losses.
The metal had slightly rebounded on Thursday morning, as it suffered heavy losses during the OPEC meeting, where the agreement to cut oil production was made.
The yellow metal began the day below the weekly PP, which is located at 1,191.86, and it is most likely that the metal will not be able to break through the resistance put up by the level of significance.
On Tuesday morning the yellow metal bounced around the weekly PP without a clear direction. The reason for that are the short term support levels, which keep it up on the hourly chart.
The yellow metal reached the medium term descending channel pattern's upper trend line and could not pass it on Monday morning. However, the bullion also faced the strong level of significance at 1,200, which is not likely to be passed easily. Due to that, it is most likely that the bullion is set to rebound after enough failed attempts at
The yellow metal experienced more volatility to the downside during Friday session's early trading hours.
Gold finally fell to and below the 1,200 mark, as it had been expected for some time. On early Thursday morning the bullion was looking for support.