Gold manages to reach new highs

Source: Dukascopy Bank SA


The support of the 100-hour simple moving average held on and eventually forced the price for gold to surge. The surge managed to finally break the resistance of the 2,005.00 level. During the first half of Monday's trading the surge struggled to reach above the 2,015.00 level that has turned out to be resistance.

A move above 2,015.00 might encounter resistance in other round price levels. In the meantime, any sharp surge is set to be slowed down by the upper trend line of the channel up pattern.

On the other hand, a decline of the commodity price would look for support in the 2,005.00 level, before reaching the 50 and 100-hour simple moving averages and the lower trend line of the channel pattern.
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