Gold plummets and breaks pattern

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


Gold has extended its decline. Moreover, it has broken the channel down pattern. By mid-Thursday it appeared that the commodity price could reach the 1,850.00 level. In general, the metal's price has not been this low since March.

The ongoing decline could look for support in the February and March low levels at 1,805.20/1,808.90. However, the 1,850.00 mark or another round level might reveal itself as support.

In the case of a potential recovery, the 1,880.00 mark is set to act as resistance. Note that this level held the price down throughout Wednesday and early Thursday trading hours. Higher above, take into account the descending 50-hour simple moving average.
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Fri, 29 Sep 2023 09:41:43 GMT

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