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The surge of the price for gold has reached the 1,710.00 mark. As the metal has reached new high levels, we have marked the September high at 1,730.00 and the late August high at 1,765.10. In addition, it has been spotted that the recent commodity recovery has occurred in a channel up pattern.
An extension of the ongoing price surge is expected to be slowed down by the upper trend line of the channel up pattern, which crosses the 1,720.00/1,730.00 range. Eventually, a potential surge could encounter resistance in the 1,730.00 level.
On the other hand, if the metal consolidates its gains by declining, support could be provided by the 1,700.00 mark, before the 1,685.00 and 1,680.00 levels are reached.
Tue, 04 Oct 2022 11:35:18 GMT
Source: Dukascopy Bank SA
The surge of the price for gold has reached the 1,710.00 mark. As the metal has reached new high levels, we have marked the September high at 1,730.00 and the late August high at 1,765.10. In addition, it has been spotted that the recent commodity recovery has occurred in a channel up pattern.
An extension of the ongoing price surge is expected to be slowed down by the upper trend line of the channel up pattern, which crosses the 1,720.00/1,730.00 range. Eventually, a potential surge could encounter resistance in the 1,730.00 level.
On the other hand, if the metal consolidates its gains by declining, support could be provided by the 1,700.00 mark, before the 1,685.00 and 1,680.00 levels are reached.