Gold continues to respect ascending channel

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


Gold almost reached the 2,000.00 mark, before starting a consolidation. The consolidation started, as the price hit the upper trend line of the channel up pattern. On Monday, the commodity was finding support in the combination of the 50-hour simple moving average and the 1,970.00 mark.

A resumption of the surge of the metal's price is now expected to face the resistance of the 1,980.00 mark and most importantly the 2,000.00 level. Higher above, the 2,040 and 2,048.20 levels are marked as historical resistance levels. However, take into account the ascending channel pattern's trend lines.

On the other hand, a decline below 1,970.00 is set to result in the price looking for support in the 100-hour SMA and the lower trend line of the channel. A breaking of the pattern to the downside could be followed by a decline to the 1,950.00 mark.
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