Gold reveals pattern of recovery

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


First of all note that the price encountered resistance at the 1,939.00 level and the 100-hour simple moving average. The event was followed by a retracement to the 1,920.00 level, which acted as support and caused a surge that at mid-day on Thursday reached above the 1,941.00 mark.

In addition, the recent confirmation of the 1,920.00 level provided a reference point for drawing patterns. Namely, it was spotted that the recovery of the commodity has occurred in a channel up pattern.

If the price for gold continues to surge in the channel up pattern, the pair might soon test the 1,950.00 mark and afterwards reach the late March high level at 1,966.50.

On the other hand, a potential decline of the yellow metal might look for support in the 1,940.00 level and the 100 and 200-hour simple moving averages near 1,930.00, before approaching the lower trend line of the channel up pattern.
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