The yellow metal stopped falling in the second half of Monday's trading session, and it has regained some of the previous losses on Tuesday morning.
The yellow metal began Monday's trading below the 1,230 level, as it suffered major losses on Friday by falling 2.6% by the end of the day's trading session.
The bullion traded above the 1,257 level, where the weekly S2 is located at, and the metal had found resistance in the 1,250 level during the first half of Friday's trading session.
The yellow metal resumed its movements in accordance with the larger scale pattern on Thursday, as the bullion surged and aimed at the 1,294.24 level, where the next resistance is located at.
A Trump victory slammed the US Dollar down, as yellow metal touched the 1,337 level during the early Wednesday morning.
The yellow metal is set to surge in case of a Trump victory, as market participants would choose it over other risky investments. Meanwhile, the metal found support and surged prior to the election of the US president, as we are hours from finding out
The yellow metal started the week a lot lower than it ended Friday's trading session, as US politics during the weekend forced the bullion into a retreat.
On Friday morning the yellow metal traded below the 1,300 mark, as it found support in the second weekly resistance level at 1,296.73.
On early Thursday morning the bullion was recouping the losses, which it suffered during a retreat in the second half of Wednesday's trading.
The surge of the bullion continues and is set to continue, as the yellow metal reached above the 1,290 level and has a resistance free way up to the 1,296.73 level where the second weekly resistance is located at.
The yellow metal surged on Tuesday morning. However, it was stopped at 1,279 by the newly calculated monthly pivot point.
The yellow metal slightly fell on Monday morning, as the bullion approached a support cluster located just below it near the 1,273 level.
The yellow metal is at the same level where it has been throughout the week. However, there is one slight difference, if the metal's price on Friday is compared with the previous three sessions.
The bullion slightly surged on Thursday morning. However, the surge occurred after a much larger retreat during the second half of Wednesday's trading session.
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.