Gold continues to recover

Source: Dukascopy Bank SA


Gold has been recovering since February 15. Most recently, the commodity price revealed that the recovery is occurring in a channel up pattern. In addition, the surge from time to time consolidates by retracing to the support of round price levels.

The surge of the metal is set to face the 2,035.00/2,040.00 range. A breaking of the resistance range would face the 2,050.00 mark, before aiming at the all time-high levels.

In case the pattern is broken, note the marked zones that have acted as support and resistance. In addition, the 50, 100 and 200-hour simple moving averages have shown to be capable of impacting the commodity price.
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