Gold finds support and breaks pattern

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


The support of the 1,900.00 was pierced by gold during the initial US Federal Reserve rate hike. However, afterwards, the head of the central bank Jerome Powell started to comments on the economy and monetary policy, which caused a drop of the US Dollar.

On the gold price charts it appeared as a jump to the 1,930.00 level and the breaking of the channel down pattern, which guided the commodity down since March 8. By the middle of the day's European trading hours, the price had reached the combined resistance of the 100-hour simple moving average and the early March high level zone at 1,947.40/1,951.80.

If the price bounces off the resistance zone at 1,947.40/1,951.80, the metal might look for support in the combination of the 1,930.00 level and the 50-hour simple moving average. Further below note the support zone, which surrounds the 1,900.00 mark.

Meanwhile, a continuation of the price surge might encounter resistance at 1,970.00/1,978.40. this zone marks the February high and last week's low level zone. In addition, the 200-hour simple moving average is located in the zone.
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