Gold approaches 1,900,00

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


The price for the yellow metal has passed the resistance of the 1,880.00 mark. Moreover, the commodity has retrace down and confirmed support at 1,882.90. Due to that reason the 1,880.00/1,882.90 zone has been marked as support.

At the start of Thursday's US trading hours, the price was approaching the 1,900.00 mark. In the meantime, it was spotted that the bullion had been surging in a channel up pattern since February 3.

If the metal's price continues to surge, it would most likely encounter resistance in the 1,900.00 mark, before aiming at the upper trend line of the February channel up pattern.

Meanwhile, a potential decline could look for support in the 1,880.00/1,882.90 zone. Below the support zone, the lower trend line of the channel up pattern and the 50 and 100-hour simple moving averages might stop a decline near 1,870.00.
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