Gold breaks pattern

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


Even prior to the US Federal Reserve rate hike, the price for gold broke the channel up pattern to the downside and retreated to 1,940.00. However, the US Federal Reserve rate hike and press conference resulted in an apparent recovery of the commodity price. By the middle of Thursday's European trading, the price had reached 1,980.00.

A continuation of the recovery is highly likely going to encounter resistance in the 2,000.00 mark. Higher above, note that other round levels could turn into resistance.

On the other hand, a possible decline of the metal's price is set to look for support in the February high and the 50 and 100-hour simple moving averages at 1,960.00. Further below, take into account the 1,950.00 mark and the January high at 1,949.00.
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Fri, 24 Mar 2023 07:37:19 GMT

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