Gold pierces descending pattern

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


During the mid-hours of Wednesday's trading hours, the price for gold surged and broke technical resistance levels. By 14:00 GMT, the price had reached above the 50 and 100-hour simple moving averages and the upper trend line of the channel down pattern, which has guided the metal down from the 1,950.00 mark since March 17.

If the price surges, it might encounter resistance in the form of the 200-hour simple moving average near 1,940.00. Higher above, the 1,950.00 mark and the zone that surrounds it might once again reverse a recovery if the commodity.

However, a decline might find support in the 50 and 100-hour simple moving averages near 1,930.00, before approaching the March low level zone at 1,895.60/1,907.50.
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