Gold continues to surge in pattern

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


The yellow metal has clearly passed the resistance zone at 1,913.50/1,922.00, surged and confirmed the existence of a channel up pattern and retraced back down to the mentioned zone to confirm it as support.

In the near term future, the price for gold could resume its surge due to the support of the 1,913.50/1,922.00 zone and the 50 and 100-hour simple moving averages near 1,920.00. A potential surge could test the resistance of the 1,950.00 mark, before approaching the upper trend line of the post-Russian invasion of Ukraine channel up pattern, and the February 24 high at 1,975.00.

However, a decline of the metal would have to pass a cluster of support levels in the 1,909.00/1,922.00 range. In that range the 50, 100 and 200-hour simple moving averages, the lower trend line of the channel up pattern and the 1,913.50/1,922.00 zone are located at.
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