Gold breaks a pattern

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


It has been spotted that the metal's price has declined, since the US elections, in a channel down pattern. However, the price has found support in the 2,540.00 level to start a recovery that was strong enough to break the pattern and the 2,600.00 mark. In general, the metal was already oversold, which contributed to the start of the recovery.

The ongoing recovery could be slowed down by the 200-hour simple moving average and the 2,625.00 level. Higher above, the 2,640.00 mark has shown to be capable of acting as support and resistance. If these levels fail, the 2,680.00 level might act as resistance, before the metal returns to the 2,700.00 mark.

Meanwhile, a resumption of the prior decline would result in the metal looking for support in the 2,590.00/2,600.00 range, the 50 and 100-hour simple moving averages and potentially the 2,570.00 and 2,560.00 levels. If all of these support levels fail, the price is expected to once again approach 2,540.00.
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