Gold reaches 2,140.00

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


The surge of gold continues. Moreover, US fundamental data has boosted the gains. At exactly 15:00 GMT, the US Institute for Supply Management published its Purchasing Managers Index. The markets expected the index to show good conditions in the sector, but the actual data disappointed. Due to this reason the US Dollar sharply declined.

By late Tuesday's trading, the commodity price had reached the 2,140.00 level. In the meantime, a new channel up pattern has been spotted. During the day, the metal has been finding support in the lower trend line of the channel.

A resumption of the broader surge is expected to be slowed down by round price levels and the upper trend line of the channel pattern. Eventually, the price should test the 2023 December high level at 2,145.00.

On the other hand, a decline below the lower trend line of the pattern could look for support in the 2,120.00 and 2,110.00 levels. Both of these levels acted as support and resistance during the early trading of this week.
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