Double-leg circles on pommel horse exercises require a high degree of dynamic balance. However, theoretical conditions for maintaining dynamic balance are unclear. The purpose of this paper is to propose a simple theoretical model of the dynamic balance of the circles, and to illustrate its qualitative properties. To this end, the body of a gymnast is simply modeled as one rigid body with one support point, and symmetric and constant-velocity circles are assumed in most analyses. The condition that the torques of wrist and shoulder joints are zero is assumed as a dynamic balance condition with minimum strength. A control law is proposed to demonstrate the motion. Various properties of the dynamic balance condition are analyzed as follows. In the symmetric circles, (1) as the period of a circle decrease, the heights and the radius of the toes increase, and (2) the rotation of the body around its longitudinal axis in the double-leg circle has the effect of lifting the toes. (3) The shoulder and wrist torques can change the pose around the dynamic balance condition. In asymmetric circles, (4) the radius of the center of mass (CoM) increases as the angular velocity of the CoM around the support point decreases, and (5) the body angle with respect to the horizontal plane increases as the upward acceleration of the CoM increases. Moreover, mechanical principles of the circles are discussed as follows. (6) The CoM motion during the symmetric circles of the simple model can be related to the conical pendulum. In the simple model, (7) the pommel reaction force should be parallel to the arm segment when the wrist torque and the shoulder torque are equal or zero, and (8) to change the vertical component of the angular momentum of the body around the support point, the wrist torque around the vertical axis is needed. These results provide theoretical and qualitative insights into understanding and improving pommel horse exercise.