Gold reaches above 1,961.00

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


As the price for gold had no technical resistance and the simple moving averages were approaching from below, a global fundamental run to safety gave enough strength to the price to pass the 1,950.00 mark. Namely, at mid-day on Friday, the commodity price surged above the 1,950.00 mark and by 16:00 GMT the metal was above 1,960.00.

In the near term future, the pair could reach and test the resistance of the February high level at 1,975.00. A move above the 1,975.00 mark might encounter resistance in the 1,980.00 and 1,990.00 levels, before the 2,000.00 mark is reached.

However, a potential decline of the commodity price is highly likely set to look for support first in the 1,950.00 mark. Further below, the 50-hour simple moving average and the lower trend line of the channel up pattern might stop the metal during a drop.
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