Gold trades below 1,885.00

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


This week, the price for gold revealed that it has been declining in a channel down pattern. In addition, the commodity faces resistance at 1,907.50/1,911.30. During the second half of Wednesday's trading hours, the bullion had declined and traded below the 1,885.00 mark.

If the price continues to decline, support might be found in the lower trend line of the channel down pattern near 1,870.00. In addition, note that the metal respects the resistance and support of various round levels.

On the other hand, a surge of the commodity price is expected to find resistance in the 50-hour simple moving average and the 1,900.00 level, before approaching the 1,907.50/1,911.30 zone.
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