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The surge of the metal's price paused just before reaching the upper trend line of the channel up pattern. Since the event, the commodity price has been consolidating just above the support of the 1,935.00 level. In general, forecasts remain unchanged.
The price is set to test the combined resistance of the upper trend line of the channel pattern that has guided the price up since August 20 and the 1,940.00 mark. The 1,940.00 level has acted as support and resistance during 2023. A move above these levels could eventually reach the 1,950.00 mark.
On the other hand, a decline of the commodity price is expected to look for support in the 1,930.00/1,932.25 range, before reaching the support of the 1,925.00 level and the 1,920.25/1,923.00 range.
Wed, 30 Aug 2023 09:17:04 GMT
Source: Dukascopy Bank SA
The surge of the metal's price paused just before reaching the upper trend line of the channel up pattern. Since the event, the commodity price has been consolidating just above the support of the 1,935.00 level. In general, forecasts remain unchanged.
The price is set to test the combined resistance of the upper trend line of the channel pattern that has guided the price up since August 20 and the 1,940.00 mark. The 1,940.00 level has acted as support and resistance during 2023. A move above these levels could eventually reach the 1,950.00 mark.
On the other hand, a decline of the commodity price is expected to look for support in the 1,930.00/1,932.25 range, before reaching the support of the 1,925.00 level and the 1,920.25/1,923.00 range.