Gold surges despite breaking pattern

Source: Dukascopy Bank SA


Gold broke the ascending pattern, as the price was consolidating sideways. However, the surge has resumed and the commodity has reached the 2,160.00 level. It is clear now that round price levels impact the metal.

By large, until something changes fundamentally in the US monetary policy, it is unlikely that the surge would end. In general retracements occur, price consolidates and afterwards the metal continues to move upwards.

On Thursday, the surge appears to be looking for support in the 2,150.00 level and could soon resume the surge, as the 50-hour simple moving average catches up with the price and provides additional upward pressure. If these levels fail, watch the 2,140.00, 2,130.00 and 2,120.00 levels that all have acted as support or resistance.

On the other hand, a continuation of the ongoing surge is expected to be slowed down by round levels until the price hits the 2,200.00 level. The larger level could have more impact.
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