Gold breaks triangle

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


The price for gold has passed above the resistance zone of the triangle pattern and the 2,000.00 mark. However, instead of surging the commodity price has retraced down to the 1,990.30/1,997.15 zone and the 50-hour simple moving average.

In the meantime, the commodity was being approached by the additional support of the 100-hour simple moving average and the supporting trend line that connects the last week's low levels.

A passing below the support range's lower level of 1,990.30 and the 100-hour simple moving average would result in the metal looking for support in the 1,980.00 and 1,970.00 levels and the ascending 200-hour simple moving average.

On the other hand, a surge of the commodity price is expected to face the 2,010.00 mark, before approaching the 2,040.00 and 20,48.20 levels that have shown to be capable of impacting the metal. However, note that another round price level could turn into resistance.
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