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The price for gold has broken the channel up pattern that guided the commodity up throughout October. The surge almost amounted to a total of $200.
After breaking the ascending channel, the metal has revealed a resistance zone at 1,890.85/1,997.15 and a supporting trend line that connects this week's low levels. Combined these levels form a triangle pattern.
A breaking of the resistance zone would first face the 2,000.00 mark, before the commodity approaches the historical high levels at 2,040.00 and 2,048.20.
However, a decline is set to look for support in the 50 and 100-hour simple moving averages, the 1,980.00 level and the ascending trend line. In the case of these levels being broken, the price could aim at the 1,970.00 mark and the 200-hour simple moving average.
Fri, 27 Oct 2023 10:06:33 GMT
Source: Dukascopy Bank SA
The price for gold has broken the channel up pattern that guided the commodity up throughout October. The surge almost amounted to a total of $200.
After breaking the ascending channel, the metal has revealed a resistance zone at 1,890.85/1,997.15 and a supporting trend line that connects this week's low levels. Combined these levels form a triangle pattern.
A breaking of the resistance zone would first face the 2,000.00 mark, before the commodity approaches the historical high levels at 2,040.00 and 2,048.20.
However, a decline is set to look for support in the 50 and 100-hour simple moving averages, the 1,980.00 level and the ascending trend line. In the case of these levels being broken, the price could aim at the 1,970.00 mark and the 200-hour simple moving average.