Gold finds support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 45% 45% 0.00%
Shorts 55% 55% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

On the hourly charts, which are drawn by the Dukascopy analysts, it can be observed that the weekly S1 at 1,243.59 has done its job in providing support to the yellow metal's price. However, the commodity price has still not reached the lower trend line of the long term ascending channel pattern. On Tuesday morning and throughout the rest of the day the trend line is set to remain below the 1,240 mark, which means that the price could still decline. In addition, the 55-hour SMA is approaching the bullion from the upside near the 1,250 mark. The simple moving average could provide the needed force to push the price lower. On the other hand the metal could continue to trade almost flat and also reach the mentioned trend line.

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