Gold reaches for 2,050.00

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


The price for gold was looking for support, as the US Consumer Price Index release caused a sudden drop of the USD. However, it appears that the surge of the commodity price has been already stopped by the 2,050.00 mark and the upper trend line of a channel up pattern.

A breaking of the channel and the 2,050.00 mark would most likely result in a surge. A potential surge might be slowed down by the 2,060.00 and 2,080.00 levels. The 2,080.00 level is part of the 2020 and 2022 high level zones for the commodity price.

However, in the case of a decline of the price support is set to be provided by the combination of the lower trend line of the channel, the 2,030.00 mark and the combination of the 50 and 100-hour simple moving averages. Below these levels, note the 200-hour simple moving average near 2,015.00 and the 2,000.00/2,010.00 range.
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