The yellow metal is conquering new ground, as on Wednesday morning it had broken all but one of the resistance levels, which comprise the strong cluster facing the bullion.
On Tuesday morning the yellow metal found support in the weekly PP at 1,263.46 and began a surge to the 200-day SMA.
57% of all SWFX open positions are long The yellow metal recently formed a short term ascending channel The 1,250 psychological level provided support for a week Economic events to watch over the next 24 hours: FOMC Member Dudley Speaks; FOMC Member Bullard Speaks On Monday morning the yellow metal's price remained almost unchanged, as the bullion is squeezed in between two levels
The initial surge on Thursday morning was stopped by the resistance cluster as forecasted. Since then the yellow metal has been falling.
The bullion continued to book gains on Thursday morning, as the metal approached a new resistance cluster.
The yellow metal fluctuated around the first weekly resistance level at 1,261.62 during the morning on Wednesday.
The bullion pounded on the first weekly resistance at 1,261.62 on early Tuesday morning. Although the metal did not managed to break easily through the resistance, it did broke off from fluctuating just above the 1,250 level.
The yellow metal was in a slight rebound on Monday morning. Previously, the metal retreated after encountering resistance. However, as expected the commodity found support in the strong 1,250 level, which has kept the bullion from falling for more than a week.
The bullion retreated on Friday after touching and bouncing off the resistance put up by the 200-day SMA.
On early Thursday morning the bullion scored gains, as it was approaching the 200-day SMA.
The yellow metal rebounded against the 1,250 mark once more on Wednesday morning.
The yellow metal continued to score gains on Tuesday morning, as the metal reached above the 1,260 level.
The yellow metal is in a rebound on Monday, as the long lasting fall of the bullion stopped, and the metal is surging.
The yellow metal has reached a new record low, as it marks its tenth consecutive session of losses. However, the 1,250 mark turns out to be a psychological support level, which made the metal slightly rebound before the US Dollar went in for another attempt to break through the level of significance.
The yellow metal searched for support on early Thursday morning, and it might find it, simultaneously confirming the hypothesis that the metal is actually in an ascending channel pattern not a wedge, as previously assumed.
The bullion moved slightly higher on Wednesday morning, as most likely profit taking occurred after the massive 3.4% fall of the metal.
The bullions losses have reached a new low point on Tuesday, as during the early morning of the trading session the metal touched below the 1,310 level.
The yellow metal continues a streak of losses, ignoring the initial Friday's surge. It is most likely that the metal will continue to fall at least to the level of 1,310, where the 100-day SMA is located.
The yellow metal surged on Friday morning after it found support in the first weekly support level at 1,315.44.
The yellow metal traded near the falling wedge pattern's lower trend line on Thursday morning, as the metal had been more volatile to the upside.
Gold opened bearish on Wednesday, facing some critical action at 1318.15. XAU/USD is about to show its true colours when an attempt at the bottom trend-line of the senior wedge will either open the way to the junior triangle bottom trend-line at 1302.08 or cut off the losses to execute another wave inside of the wedge, breaking the junior triangle.
Gold brought some volatility into the market, taking a bearish stance after a tap at the upper trend-line of the three-month descending triangle at 1338.91, supported by 1332.22, the 55-day SMA.
Gold showed little volatility on Monday morning, making its way through the senior ascending channel.
The yellow metal remained near the level of 1,335 on Friday morning, which is around the same level, where Thursday's trading session was opened.