Gold extends gains to 2,350.00

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


The price for gold is experiencing a classic surge. It reaches a new round price level. The price level acts as resistance. Gold retraces back to the previous price that acted as resistance, finds support and surges to break the resistance. This repeats over and over and over during the ongoing surge. Meanwhile, from time to time the hourly simple moving averages provide additional support.

On Monday, the metal hit the resistance of the 2,350.00 level and found support at 2,330.00, which previously acted as resistance. In the meantime, a new channel up pattern has been marked on the chart. However, note that the surge has been accelerating and breaking pattern after pattern. It could be the case that this one fails too.

In regards to the near term future, watch the 2,330.00 support and resistance of the 2,350.00 level. If prior events repeat themselves, the metal is set to break the 2,350.00 and then confirm it as support.

Although, if the commodity price declines below 2,330.00, support would be looked for in the 2,300.00 mark, the 50 and 100-hour simple moving averages and the lower trend line of the channel up pattern.
Back to articles

Actual Topics

Fri, 12 Apr 2024 09:56:03 GMT

EUR/USD declines below 1.0700

Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. Meanwhile, the ECB is preparing to cut rates, as this week's ECB events have revealed that the worse off EU countries are pressuring the monetary policy committee

Mon, 08 Apr 2024 11:06:04 GMT

USD/JPY still aims at 152.00

Announcements by the Bank of Japan of upcoming tightening of JPY supply and that the bank does not want the USD/JPY above 152.00 pushed the rate down. The USD/JPY plummeted in sharp moves on Thursday and midnight to Friday. The rate reached the support zone at 150.70/150.90. However, the market still pushed the rate higher and at mid-Friday the

Subscribe to "Fundamental Analysis" feed

Subscribe
Aby dowiedzieć się więcej o handlu Forex/CFD na platformie Dukascopy Banku, rynku SWFX oraz innych rzeczy związanych z handlem,
zadzwoń do nas lub poproś o oddzwonienie.
For further information regarding potential cooperation,
please call us or make callback request.
Aby dowiedzieć się więcej o Opcjach Binarnych w Banku Dukascopy / platformach handlowych Forex, SWFX, oraz innych,
zadzwoń do nas lub pozostaw prośbę o oddzwonienie.
Aby dowiedzieć się więcej o handlu Forex/CFD na platformie Dukascopy Banku, rynku SWFX oraz innych rzeczy związanych z handlem,
zadzwoń do nas lub poproś o oddzwonienie.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.