Gold trades below 1,950.00

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Source: Dukascopy Bank SA


Previously marked support and resistance zones have been removed. Instead, high and low levels have been marked on the chart. In addition, it was spotted that during the second half of March the commodity price has been surging in a channel up pattern.

On Monday, the price for gold declined and found support in the lower trend line of the channel up pattern, before recovering to the 1,945.00 mark. The 1,945.00 level appeared to be acting as resistance.

If the case that the price of the metal recovers, it would face resistance in the form of the 1,950.00 mark. Higher above, note the late March high level at 1,966.50.

On the other hand, a decline of the commodity is set to look for support in the lower trend line of the channel up pattern, before approaching the 1,900.00 mark and the March low level at 1,896.00.
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