GOLD Breaks Pattern

On Monday morning, the yellow metal passed the support of the channel up pattern, which had guided the rate since June 29. Moreover, the 55 and 100-hour simple moving averages failed to provide the rate with support. However, the price found support in the 1,800.00 level.

In the near term future, the price could recover due to the support of the 1,800.00 mark. A potential surge of the bullion would most likely encounter resistance in the last week’s high level just below the 1,820.00 mark.

Meanwhile, a decline below the 1,800.00 mark could look for support in the zone near the 1,790.00 level and the 200-hour simple moving average.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading