Gold continues in pattern

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Source: Dukascopy Bank SA


The bullion's price has continued to trade in the channel up pattern. However, it was spotted that on Thursday the price had faced the resistance of the 1,790.00 level. During the early Thursday's US trading hours, the price for gold was fluctuating near the 1,780.00 level, as it was finding support in the 55-hour simple moving average and the lower trend line of the channel up pattern.

A passing of the 55-hour SMA and the lower trend line of the channel up pattern could result in the pair looking for support in the 100 and 200-hour simple moving averages at 1,775.00. Below the SMAs, the price could look for support in round price levels before reaching the 1,750.00 mark.

However, if the pattern holds, the rate would have to pass the 1,790.00 and 1,800.00 levels before continuing on in the channel up pattern's borders.
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