Gold pierces January high

Source: Dukascopy Bank SA


The price for gold has found support in the 1,915.00 level and the 50-hour simple moving average. The event was followed by a surge, which by the middle of Friday's trading had pierced the January high level at 1,949.00.

A move above 1,949.00 and 1,950.00 might stop at the February high level at 1,960.00. Higher above, note the upper trend line of the channel up pattern, which captures the commodities recent surge.

On the other hand, a decline of the commodity price is expected to look for support in the 1,930.00 level, the lower trend line of the channel pattern and the 50-hour simple moving average.
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Tue, 21 Mar 2023 07:45:38 GMT

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