Gold breaks pattern, returns to 2,000.00

Source: Dukascopy Bank SA


Eventually, the price for hold passed below the combined support of the 50 and 100-hour simple moving averages and the lower trend line of the channel up pattern. Moreover, the US PPI release caused volatility and boosted the ongoing decline. By mid-Friday, the commodity price had returned to the 2,000.00/2,010.00 range.

A decline below 2,000.00 might look for support in the low level zone at 1,969.00/1,974.00. Further below, note previous high levels at 1,960.00 and 1,949.00.

On the other hand, a recovery of the commodity price could be kept down by the combination of the 50, 100 and 200-hour simple moving averages near 2,020.00. Higher, note the 2,030.00 and 2,050.00 levels.
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