Gold recovers to 1,865.00

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


Gold has managed not only to break the descending channel up pattern and the 1,850.00 mark, but also has confirmed both as support. By the middle of Monday's trading hours, the commodity price had reached the 1,865.00 level. At mid-day, the price appeared to be consolidating by retracing downwards.

If the metal continues to decline, it is expected to look for support in the combination of the 1,850.00 level and the 50-hour simple moving average. A move below these levels could result in a decline to the 1,840.00 and 1,835.00 levels.

Meanwhile, a potential recovery of the commodity price would have to pass the 1,865.00 mark, before testing the resistance of other round price levels.
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