Gold reveals resistance

Source: Dukascopy Bank SA


On Friday, the price of gold revealed a resistance zone at 2,680.00/2,685.00. The reveal coincided with the release of US fundamental data that caused a decline down to the support of the 2,650.00/2,655.00 range. The rate fluctuated between these two levels until US PCE data provided future direction. Further direction is downwards. Moreover, a channel down pattern has been spotted.

In the near term future, the price might look for support in the 2,640.00 level, before approaching the lower trend line of the channel pattern and the 200-hour simple moving average. If these levels fail, the pair could drop to the 2,613.50/2,617.50 range.

On the other hand, a resumption of the prior surge is expected to face the 2,650.00/2,655.00 zone. Above 2,655.00, note the combination of the 50 and 100-hour simple moving averages and the upper trend line of the channel down pattern.
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