Gold tests all-time-high level

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Source: Dukascopy Bank SA


The price for gold has managed to find support in 2,640.00 and the 200-hour simple moving average. The follow-up surge broke the 2,670.00 level, and it resulted in another test of the all-time high levels at 2,685.40. In the meantime, the range that surrounds the 2,670.00 mark has turned into support.

A breaking of the all-time-high level is expected to encounter resistance in the 2,700.00 mark and the upper trend line of a channel up pattern.

In the case of a decline, the rate would have to fail to pass the 2,670.00 level, before approaching the 50 and 100-hour simple moving averages near the lower trend line of the mentioned channel up pattern. Further below, note the 2,640.00 level and the 200-hour SMA.
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