Gold approaches support zone

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Source: Dukascopy Bank SA


The price for gold has continued the decline form the 1,950.00 zone. By the middle of Tuesday's US trading hours, the pair had reached the 1,910.00 mark. In the meantime, it was spotted that the recent decline is occurring in a channel down pattern. The lower trend line of the pattern, crosses the 1,910.00 level and provides additional support.

A recovery of the metal's price from the 1,910.00 level would most likely encounter resistance at the 1,930.00 mark, where the 50 and 100-hour simple moving averages are located at. Above the moving averages, note the upper trend line of the channel down pattern.

If the metal breaks the descending pattern, it is set to find support in the March low level zone at 1,895.60/1,907.50.
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