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The yellow metal's price has continued to surge in the channel up pattern. Moreover, it made attempts at passing the resistance line of the pattern. However, on Monday, the metal failed and retreated to the support of the zone near the 1,845.00 level.
If the 1,845.00 zone provides support, the bullion's price should most likely resume its surge in the borders of the channel up pattern. Note that a potential surge would need to pass the 1,855.00 level, which reversed the price's February surge.
On the other hand, a passing of the 1,845.00 zone's support and breaking of the channel up pattern could result in a decline to the 1,835.00 mark, which could be strengthened by the 55 and 100-hour simple moving averages.
Mon, 17 May 2021 12:58:14 GMT
Source: Dukascopy Bank SA
The yellow metal's price has continued to surge in the channel up pattern. Moreover, it made attempts at passing the resistance line of the pattern. However, on Monday, the metal failed and retreated to the support of the zone near the 1,845.00 level.
If the 1,845.00 zone provides support, the bullion's price should most likely resume its surge in the borders of the channel up pattern. Note that a potential surge would need to pass the 1,855.00 level, which reversed the price's February surge.
On the other hand, a passing of the 1,845.00 zone's support and breaking of the channel up pattern could result in a decline to the 1,835.00 mark, which could be strengthened by the 55 and 100-hour simple moving averages.