Gold breaks descending pattern

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


On Thursday, the price for gold reached below the 1,700.00 mark and hit the 1,690.00 level, which acted as support. By 09:30 GMT, the price had recovered and broken the upper trend line of the channel down pattern and the 50-hour simple moving average.

A continuation of the surge of the commodity was expected to encounter resistance in the 1.710.00/1,715.00 zone and the 100-hour simple moving average. Higher above, take into account round price levels and the 200-hour simple moving average near 1,730.00.

On the other hand, a resumption of the larger scale decline might look for support in the 1,700.00 mark, the 1,690.00 level and potentially other round price level. Further below, the 2021 low level at 1,670.50 is expected to impact the metal.
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Actual Topics

Mon, 05 Sep 2022 07:50:29 GMT

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