Gold breaks pattern

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


At mid-day on Friday the price for gold suddenly surged and broke the channel down pattern to the upside. By the start of Monday's trading, the 1,670.00 level had been touched. The 1,670.00 acted as resistance and caused a decline. By mid-Monday, the price had almost reached the 50 and 100-hour simple moving averages near 1,640.00.

A decline below 1,640.00 could look for support in the 1,620.00 level and the 1,615.00/1,622.00 zone. Further below, note the 1,600.00 mark.

However, a recovery of the price for gold might find resistance at 1,670.00 and the 1,678.75/1,683.85 zone.
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