Gold prices have reached new high levels during the second half of Monday’s trading session. During the surge the rate reached above the 1,210.00 mark.
However, the surge was stopped by the upper trend line of a long term ascending channel pattern. The pattern with it received another confirmation of its borders.
On Tuesday morning the commodity price was consolidating its gains near the 1,210.00 mark by trading sideways. Meanwhile, the rate had no close by resistance or support level.
Although, note that the 55-hour simple moving averages was approaching the metal’s price. The SMA most likely will push the metal higher.
However, the surge was stopped by the upper trend line of a long term ascending channel pattern. The pattern with it received another confirmation of its borders.
On Tuesday morning the commodity price was consolidating its gains near the 1,210.00 mark by trading sideways. Meanwhile, the rate had no close by resistance or support level.
Although, note that the 55-hour simple moving averages was approaching the metal’s price. The SMA most likely will push the metal higher.
Comment:
The gold price decreased to the 1,200.00 mark again on Thursday morning, which was the same price level as it was for the previous trading session on Wednesday. Meanwhile, note that the yellow metal bounced off the bottom of the junior ascending line during the morning hours on Thursday.
The rate is still waiting for the squeeze of the 55– hour and the 100-hour SMA's which might force the rate to breakout upwards or downwards. The 200-hour SMA is below the rate which signals traders that changes are going to perform soon.
The gold price decreased to the 1,200.00 mark again on Thursday morning, which was the same price level as it was for the previous trading session on Wednesday. Meanwhile, note that the yellow metal bounced off the bottom of the junior ascending line during the morning hours on Thursday.
The rate is still waiting for the squeeze of the 55– hour and the 100-hour SMA's which might force the rate to breakout upwards or downwards. The 200-hour SMA is below the rate which signals traders that changes are going to perform soon.
Comment:
The gold price appreciated 0.80% to the 1,208.00 mark on Friday. The yellow metal bounced off the junior descending pattern ’s resistance line on Friday early in the morning.
Meanwhile, we could see that the squeeze of the 55– hour and the 100-hour SMA’s forced the rate to breakout downwards during Thursday’s session. The 200-hour SMA was playing support during the last trading session, as it strengthened the support of the medium-term ascending channel pattern.
In regards to the future, the forecast is simple. The junior patterns resistance is most likely going to be broken and the bullion will resume its surge.
The gold price appreciated 0.80% to the 1,208.00 mark on Friday. The yellow metal bounced off the junior descending pattern ’s resistance line on Friday early in the morning.
Meanwhile, we could see that the squeeze of the 55– hour and the 100-hour SMA’s forced the rate to breakout downwards during Thursday’s session. The 200-hour SMA was playing support during the last trading session, as it strengthened the support of the medium-term ascending channel pattern.
In regards to the future, the forecast is simple. The junior patterns resistance is most likely going to be broken and the bullion will resume its surge.
Comment:
The gold price appreciated 0.59% to the 1,203.00 mark on Monday. The monthly pivot point at 1,196.00 supported the yellow metal and pushed the price upwards during the morning hours.
It is expected that the yellow metal most likely will bounce off the upper line of the junior descending channel or the 100-hour simple moving average will push the rate downwards.
On the other hand, the yellow metal might move sideways until it breaks the junior descending line and creates a new pattern.
The gold price appreciated 0.59% to the 1,203.00 mark on Monday. The monthly pivot point at 1,196.00 supported the yellow metal and pushed the price upwards during the morning hours.
It is expected that the yellow metal most likely will bounce off the upper line of the junior descending channel or the 100-hour simple moving average will push the rate downwards.
On the other hand, the yellow metal might move sideways until it breaks the junior descending line and creates a new pattern.
Comment:
The gold price depreciated 0.19% since Monday’s trading session. The XAU/USD passed through the monthly pivot point at 1,196.00 at 07:00 GMT this morning.
It is expected that the yellow metal will be traded horizontally among the monthly PP at the 1,196.00 mark and the lower trend lines of the descending and ascending patterns during the next couple of trading days.
Eventually, the price should get squeezed between the lower trend line of the larger pattern and the pivot point and break out. Watch for that moment.
The gold price depreciated 0.19% since Monday’s trading session. The XAU/USD passed through the monthly pivot point at 1,196.00 at 07:00 GMT this morning.
It is expected that the yellow metal will be traded horizontally among the monthly PP at the 1,196.00 mark and the lower trend lines of the descending and ascending patterns during the next couple of trading days.
Eventually, the price should get squeezed between the lower trend line of the larger pattern and the pivot point and break out. Watch for that moment.
Comment:
The gold price depreciated 0.58% since Tuesday’s trading session. The XAU/USD tried to break the monthly pivot point at 1,196.00 during Wednesday morning hours.
In regards to the near future, the yellow metal will trade horizontally among the monthly PP at the 1,196.00 mark and the lower trend lines of the descending and ascending patterns during the next two trading days.
Eventually, the price should get squeezed between the lower trend line of the larger pattern and the pivot point and break out. Watch for that moment.
The gold price depreciated 0.58% since Tuesday’s trading session. The XAU/USD tried to break the monthly pivot point at 1,196.00 during Wednesday morning hours.
In regards to the near future, the yellow metal will trade horizontally among the monthly PP at the 1,196.00 mark and the lower trend lines of the descending and ascending patterns during the next two trading days.
Eventually, the price should get squeezed between the lower trend line of the larger pattern and the pivot point and break out. Watch for that moment.
Comment:
The gold price appreciated 0.43% since Wednesday’s trading session. The XAU/USD broke out through the monthly PP at the 1,196.00 mark and kept squeezed between the 55-hour and the 100-hour simple moving averages during Thursday’s morning hours.
In regards to the near future, the yellow metal will move upwards due to a strong support level of the monthly pivot point at the 1,196.00 and the 55-hour simple moving average.
Note, that the 200-hour simple moving average at the 1,202.00 level might stop the rate and push gold back to trade into the pattern.
The gold price appreciated 0.43% since Wednesday’s trading session. The XAU/USD broke out through the monthly PP at the 1,196.00 mark and kept squeezed between the 55-hour and the 100-hour simple moving averages during Thursday’s morning hours.
In regards to the near future, the yellow metal will move upwards due to a strong support level of the monthly pivot point at the 1,196.00 and the 55-hour simple moving average.
Note, that the 200-hour simple moving average at the 1,202.00 level might stop the rate and push gold back to trade into the pattern.
Comment:
The gold price appreciated 0.21% since Thursday’s trading session. The XAU/USD was located between the SMAs at the 1,201 mark on Friday morning.
In regards to the near future, the yellow metal will surge upwards due to a psychological barrier of the 1,200 mark and support of the 55-hour simple moving average and the 100-hour simple moving average, which should push the rate to the 1,206.00 level during today’s trading session.
Note, that the 200-hour simple moving average at the 1,202.00 level might stop the rate and push gold back to the monthly PP at the 1,195.60 mark.
The gold price appreciated 0.21% since Thursday’s trading session. The XAU/USD was located between the SMAs at the 1,201 mark on Friday morning.
In regards to the near future, the yellow metal will surge upwards due to a psychological barrier of the 1,200 mark and support of the 55-hour simple moving average and the 100-hour simple moving average, which should push the rate to the 1,206.00 level during today’s trading session.
Note, that the 200-hour simple moving average at the 1,202.00 level might stop the rate and push gold back to the monthly PP at the 1,195.60 mark.
Comment:
The gold price depreciated 0.41% since Friday’s trading session. The XAU/USD was piercing the monthly PP at the 1.195.60 mark during Monday morning hours.
In regards to the near future, the yellow metal will surge upwards to the bottom boundary of the ascending medium channel but will bounce off it due to a strong resistance of the 100-hour simple moving average and the medium channel line.
Be careful, the monthly PP at the 1.195.60 mark could also turn into a strong support level, which may push the yellow metal upwards to pass the medium channel line and the simple moving averages.
The gold price depreciated 0.41% since Friday’s trading session. The XAU/USD was piercing the monthly PP at the 1.195.60 mark during Monday morning hours.
In regards to the near future, the yellow metal will surge upwards to the bottom boundary of the ascending medium channel but will bounce off it due to a strong resistance of the 100-hour simple moving average and the medium channel line.
Be careful, the monthly PP at the 1.195.60 mark could also turn into a strong support level, which may push the yellow metal upwards to pass the medium channel line and the simple moving averages.
Comment:
The gold price appreciated 0.26% since Friday’s trading session. The XAU/USD passed the monthly PP at the 1,1956 mark on Tuesday.
In regards to the near future, the yellow metal will surge upwards to the bottom boundary of the ascending medium channel, but might be stopped due to the strong resistance of the 200-hour simple moving average and the previously broken medium channel line.
On the other hand, the rate might use support of the monthly PP at the 1.195.60 mark, which may push the yellow metal upwards to pass the medium channel line and the simple moving averages.
The gold price appreciated 0.26% since Friday’s trading session. The XAU/USD passed the monthly PP at the 1,1956 mark on Tuesday.
In regards to the near future, the yellow metal will surge upwards to the bottom boundary of the ascending medium channel, but might be stopped due to the strong resistance of the 200-hour simple moving average and the previously broken medium channel line.
On the other hand, the rate might use support of the monthly PP at the 1.195.60 mark, which may push the yellow metal upwards to pass the medium channel line and the simple moving averages.
Comment:
The gold price appreciated 0.19% since Tuesday’s trading session. The yellow metal was located between the simple moving averages during the Wednesday’s morning hours.
In regards to the near future, most likely, the XAU/USD will move downwards due to the 200-hour and the 100-hour SMAs resistance’s. Moreover, if the rate will go below the weekly PP, the rate will lose support until the 1,1547 level.
However, the monthly PP at the 1,1956 mark may give support to the currency to push it upwards passing through the SMAs to meet the bottom boundary of the ascending medium channel at the 1,2020 level.
The gold price appreciated 0.19% since Tuesday’s trading session. The yellow metal was located between the simple moving averages during the Wednesday’s morning hours.
In regards to the near future, most likely, the XAU/USD will move downwards due to the 200-hour and the 100-hour SMAs resistance’s. Moreover, if the rate will go below the weekly PP, the rate will lose support until the 1,1547 level.
However, the monthly PP at the 1,1956 mark may give support to the currency to push it upwards passing through the SMAs to meet the bottom boundary of the ascending medium channel at the 1,2020 level.
Comment:
The gold price appreciated 0.60% since Wednesday’s trading session. The yellow metal fit back into the medium ascending pattern during the previous session.
The rate passed all technical indicators on Wednesday session. In regards to the near future, the rate will move upwards to the 61.80% Fibonacci retracement level or it will reveal reference points to draw a new pattern.
However, gold may pass through the medium channel line to retrace back to the 1,200.00 mark. The rate has no support level to thwart such a move.
The gold price appreciated 0.60% since Wednesday’s trading session. The yellow metal fit back into the medium ascending pattern during the previous session.
The rate passed all technical indicators on Wednesday session. In regards to the near future, the rate will move upwards to the 61.80% Fibonacci retracement level or it will reveal reference points to draw a new pattern.
However, gold may pass through the medium channel line to retrace back to the 1,200.00 mark. The rate has no support level to thwart such a move.
Comment:
The gold price appreciated 0.09% since Thursday’s trading session. During Friday morning hours, the yellow was surging upwards into the pattern and was located at the 1,208.00 level.
In regards to the near future, the yellow metal should bounce off the bottom boundary of the ascending trend and surge upwards due to the support of the 55-hour simple moving average, which will catch up the rate in a couple of hours on Friday session.
Besides, gold could continue to surge upwards without the help of the bottom boundary of the trend-line and the 55-hour simple moving average.
The gold price appreciated 0.09% since Thursday’s trading session. During Friday morning hours, the yellow was surging upwards into the pattern and was located at the 1,208.00 level.
In regards to the near future, the yellow metal should bounce off the bottom boundary of the ascending trend and surge upwards due to the support of the 55-hour simple moving average, which will catch up the rate in a couple of hours on Friday session.
Besides, gold could continue to surge upwards without the help of the bottom boundary of the trend-line and the 55-hour simple moving average.
The gold price has decreased to the 1,200.00 mark on Wednesday morning. The price decrease occurred due to Tuesday’s s price drop of 1.07% due to the US and Mexico making a trade agreement, which strengthened the US Dollar.
The 55-hour SMA passed the rate during Tuesday’s session and took a role of resistance for the rate. The 100-hour SMA is playing support. The rate is located among the 55—hour and the 100-hour SMA’s during Wednesday session.
It is expected that the 55– hour and the 100-hour SMA’s will squeeze the pathway which will force the rate to breakout upwards or downwards. The XAU/USD is been going up for the couple of weeks now. It is expected that the price surge will continue if the fundamental news will not break the pattern.