Gold extends gains to 2,350.00

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


The price for gold is experiencing a classic surge. It reaches a new round price level. The price level acts as resistance. Gold retraces back to the previous price that acted as resistance, finds support and surges to break the resistance. This repeats over and over and over during the ongoing surge. Meanwhile, from time to time the hourly simple moving averages provide additional support.

On Monday, the metal hit the resistance of the 2,350.00 level and found support at 2,330.00, which previously acted as resistance. In the meantime, a new channel up pattern has been marked on the chart. However, note that the surge has been accelerating and breaking pattern after pattern. It could be the case that this one fails too.

In regards to the near term future, watch the 2,330.00 support and resistance of the 2,350.00 level. If prior events repeat themselves, the metal is set to break the 2,350.00 and then confirm it as support.

Although, if the commodity price declines below 2,330.00, support would be looked for in the 2,300.00 mark, the 50 and 100-hour simple moving averages and the lower trend line of the channel up pattern.
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