Gold reaches new high level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In general, gold continues higher. The price got a boost from the US Consumer Price Index and US Retail Sales, which weakened the USD. After the Wednesday's data release, the metal was steadily heading higher.

During Wednesday's trading, the 2,380.00 was passed and the metal headed to the 2,400.00 mark. A move above 2,400.00 could be slowed down by the upper trend line of the channel up pattern that captures the metal's recent surge. Higher above, note the resistance ranges near 2,420.00 and 2,430.00.

In the case of a decline, the metal could look for support first in the 2,360.00 level, before it reaches the combination of the 50 and 100-hour simple moving averages and the lower trend line of the mentioned pattern.
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