Gold continues in descending channel

Source: Dukascopy Bank SA


The descending channel's resistance line held and the price for gold has declined below the 1,710.00/1,715.00 zone. By the middle of Thursday's European trading hours, the commodity had reached the 1,700.00 mark. The round price level provided support, as it was expected.

If the price passes below 1,700.00, round price levels could act as support, before the metal reaches the lower trend line of the channel down pattern near 1,685.00. In the meantime, take into account the 2021 low level at 1,670.50.

On the other hand, a recovery of the metal's price might encounter resistance in the 1,710.00/1,715.00 zone, the upper trend line of the channel pattern and the 50-hour simple moving average. Above these levels, note the 1,725.00 mark and the 100-hour SMA.
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