Gold is back below 2,400.00

Source: Dukascopy Bank SA


The price for gold broke above the prior all-time-high level. However, the follow up surge eventually ended near the 2,480.00 mark. The 2,481.00/2,483.85 range was confirmed as resistance. Since these events, the price for gold has established a channel down pattern that has guided the price back below 2,400.00.

In the near term future, the price is set to look for support in the 2,390.00 level. If the metal moves below this level, the 2,370.00 level might slow down the decline, before gold reaches the 2,350.00 mark and the lower trend line of the channel down pattern.

On the other hand, a recovery of the commodity price would have to break the upper trend line of the channel pattern and the 2,400.00 mark. Higher above, take into account the combination of the 50 and 200-hour simple moving averages near 2,420.00. If these levels fail, the 2,450.00 level and the 100-hour simple moving average might impact the price.
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