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The price for gold has reached above the resistance of the 1,810.00 mark. By the middle of Monday's trading, the price had reached the 1,825.00 level.
Meanwhile, a channel up pattern has been spotted on the pair's hourly candle chart. The pattern has been guiding the price since the November 3 drop.
In regards to the near term future, the metal could continue to surge until the price reaches the summer high level zone at 1,830.00/1,835.00. Above this zone, other round price levels could act as resistance.
On the other hand, the commodity price might decline and look for support. Potential support could be provided by the 1,810.00/1,814.00 zone. The previous resistance zone had provided support to the price during Monday's morning trading. Below the zone, the price could find support in the lower trend line of the channel up pattern and the 50-hour simple moving average.
Mon, 08 Nov 2021 15:43:57 GMT
Source: Dukascopy Bank SA
The price for gold has reached above the resistance of the 1,810.00 mark. By the middle of Monday's trading, the price had reached the 1,825.00 level.
Meanwhile, a channel up pattern has been spotted on the pair's hourly candle chart. The pattern has been guiding the price since the November 3 drop.
In regards to the near term future, the metal could continue to surge until the price reaches the summer high level zone at 1,830.00/1,835.00. Above this zone, other round price levels could act as resistance.
On the other hand, the commodity price might decline and look for support. Potential support could be provided by the 1,810.00/1,814.00 zone. The previous resistance zone had provided support to the price during Monday's morning trading. Below the zone, the price could find support in the lower trend line of the channel up pattern and the 50-hour simple moving average.