Gold breaks pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The decline of the yellow metal, which was caused by the Federal Reserve, occurred in a narrow descending channel pattern. During late hours of Friday's trading, the commodity broke the pattern and started a recovery. By the middle of Monday's trading, the price had passed the 50-hour simple moving average and reached the 1,800.00 mark.

If the bullion's price reaches above the 1,800.00 mark, it could test the resistance zone that is located below 1,810.00. Above the 1,810.00 mark, take into account the 1,815.00 mark and the 100-hour simple moving average.

On the other hand, a decline of the price could find support in the 50-hour simple moving average, before aiming at the Friday's low levels near 1,780.00.
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