Gold breaks ascending pattern, to the upside

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


Gold broke above 2,400.00 and broke the channel up pattern's upper trend line, as the metal surged above all expectations. However, the 2,450.00 level acted as resistance and on Monday the metal sharply declined, as the surge had overextended. In the near term future, the price was expected to reach the 2,400.00 level that could act as support.

A move below the combination of the 50-hour simple moving average, the 2,400.00 mark and the zone that surrounds it could result in the price looking for support in the 100-hour simple moving average near 2,385.00. In addition, the support line of the broken channel pattern could still act as support, before the rate plummets to the support levels near 2,360.00.

On the other hand, a recovery of the price could be slowed down by the 2,420.00 and 2,430.00 levels, before the 2,450.00 is tested once again.
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Mon, 27 May 2024 13:18:25 GMT

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