Gold breaks descending pattern

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


Already prior to the US Consumer Price Index release on Wednesday at 12:30 GMT, the price for hold broke the descending channel pattern by surging and passing the pattern's upper trend line. Afterwards, the price was testing the resistance of the 1,850.60/1,854.50 zone. During the CPI release, the price plummeted, before recovering and shortly trading above 1,854.50.

If the price for gold eventually declines, note the Wednesday morning and post CPI low levels at 1,835.00 and 1,832.40. These levels could act as support.

On the other hand, a potential surge might encounter resistance in the 1,865.00 mark and the 100 and 200-hour simple moving averages.
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