Gold jumps and breaks resistance

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


The price for gold started a major surge at mid-day on Tuesday. The surge eventually reached and pierced the 2,050.00 mark. During the move, the rate shortly paused near 2,040.00, before breaking the ascending channel pattern to the upside.

However, during the first half of Wednesday a retracement downwards occurred, as traders took profits before the release of the US Preliminary Quarterly Gross Domestic Product change number. The data is set to set the future near term direction of the commodity price by impacting the value of the US Dollar.

A resumption of the surge would highly likely face resistance of the 2,050.00 mark. Higher above, note the marked 2,060.00 and 2,080.00 levels. These round price levels have shown in the past to be capable at acting as support and resistance.

Meanwhile, a potential decline of the commodity price is expected to look for support in the 50-hour simple moving average near 2,030.00. Below the 50-hour SMA, note the ascending 100-hour SMA that is strengthening the 2,010.00 mark, but could move higher to the 2,020.00 level.
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