Gold recovers and respects round prices

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


Gold has been recovering since February 15. Most recently, the commodity price has encountered resistance at 2,022.80/2,023.50. In addition, the recovery appears to have been occurring in a channel up pattern.

In the near term future, the price is expected to look for support in the support and resistance range near 2,010.00 and the 50-hour simple moving average and the lower trend line of the channel up pattern. If the metal moves below these levels, note that various levels could act a support. Namely, the 100-hour simple moving average, the 2,000.00 mark and the 1,995.00 level are capable of impacting the metal.

Meanwhile, a potential resumption of the price recovery, needs to break the 200-hour SMA at 2,015.00 and the 2,022.80/2,023.50 range, before testing the 2,035.00/2,040.00 zone.
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