Gold finds support

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


On Wednesday, the price for the yellow metal eventually found support in the zone at 1,913.50/1,922.00. The zone was strengthened by the 100-hour simple moving average in the zone and the approaching 200-hour SMA and the lower trend line of the channel up pattern, which has guided the commodity price since the start of the Russian invasion of Ukraine on February 24. Meanwhile, the metal mostly ignored the 50-hour SMA.

If the price for gold continues to surge in the near term future, resistance might be found once again in the 1,950.00 mark, before the February 24 high level at 1,975.00 is reached. Above the high levels, the upper trend line of the channel up pattern could slow down a surge.

On the other hand, a decline could find support in the lower trend line of the channel up pattern. If the pattern is broken, the price might reach the 1,913.50/1,922.00 zone and the 100 and 200-hour simple moving averages in the zone.
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