Gold reaches above 2,000.00

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


Gold has broken the resistance zone that is located at the 1,995.00 level. However, the follow up surge appears to have been stopped by the upper trend line of the recently charted channel up pattern. The trend line caused a decline that has found support in the 1,995.00 mark.

In the near term future, the commodity price is expected to resume its surge and book new high levels. The surge is expected to be slowed down by the upper trend line of the channel pattern and round price levels.

However, a potential decline would have to pass below the 1,995.00 mark and the approaching 50 and 100-hour simple moving averages near 1,990.00 and 1,985.00. Further below, note the 1,980.00 level and the lower trend line of the channel pattern.
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Thu, 23 Nov 2023 13:34:45 GMT

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