Gold breaks pattern

Source: Dukascopy Bank SA


The price for gold has reacted to the surge of the US Dollar by extending its decline. On Tuesday, the commodity price was heading to the 1,925.00 mark.

In the near term future, support might be found in the 1,920.00/1,923.00 range that has previously acted as both support and resistance. Below 1,920.00, take into account the 1,910.25 level and the 1,900.00/1,905.00 range.

On the other hand, a recovery of the commodity price would have to break through the 1,930.00/1,932.25 range and the 200-hour simple moving average, prior to reaching the 1,940.00 mark. On Tuesday, the 1,940.00 mark was strengthened by the 50 and 100-hour simple moving averages.
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