Gold breaks pattern

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


In general, the price of gold has broken the channel up pattern on October 23. Afterwards, support was found, before the decline reached the 2,700.00 mark. Since then, the metal has been recovering. However, the metal faces resistance and finds support in round price levels.

For the price to test the all-time high levels near 2,760.00, the metal has to break above the 2,740.00/2,750.00 range. Higher above, it is expected that the 2,800.00 mark will act as a major resistance level.

On the other hand, a decline of the metal might look for support in the 50 and 100-hour simple moving averages near 2,735.00, before approaching the 200-hour SMA and the 2,720.00 level.
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