Gold touches 1,870.00 level

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


The price for gold reached the 1,870.00 level during Tuesday's trading hours. Afterwards, a decline started. During the early hours of Wednesday's US trading, the price was looking for support in the 1,850.00 level.

Meanwhile, Dukascopy Analytics marked on the chart the channel up pattern, which has guided the commodity price from the May 16 low level.

If the commodity price surges, it would once again test the resistance of the 1,860.00 and 1,870.00 levels. Above these round levels, expect the 1,880.00 mark and the upper trend line of the channel up pattern to act as resistance.

On the other hand, a decline below 1,850.00 is set to look for support in the lower trend line of the channel up pattern, before approaching the support zone near 1,835.00 and the 200-hour simple moving average.
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