Gold continues its descent

Source: Dukascopy Bank SA


The price for gold has continued to decline, as support levels turn into resistance and new low levels are reached. On Tuesday, the commodity shortly traded below the 1,900.00 mark. However, support was found in the lower trend line of the broader channel down pattern.

An extension of the ongoing decline is set to look for support in the 1,900.00 level, the lower trend line of the channel pattern and the 1,895.00 level, which has previously acted as support. Note that the price has been declining for an extended period and a consolidation by fluctuating sideways is possible.

A potential recovery of the commodity price is set to face resistance in the combination of the 50 and 100-hour simple moving averages and the 1,910.25 level. Above these levels the 1,920.00 level and the 200-hour SMA are expected to provide resistance.
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Tue, 22 Aug 2023 11:23:33 GMT

EUR/USD bounces off resistance zone

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