Gold analysis: Finds support
|Gold
The yellow metal's price found support in the 200-hour simple moving average and started a surge. Note that the surge is captured by the borders of a channel-up pattern. In addition, note that by the middle of Friday's trading, the metal had passed the resistance of the 55 and 100-hour simple moving average.
In the case of the pattern holding, the metal would test the resistance of the 1,845.00 level during the first couple of sessions of the next week. If this level fails, the rate could soon test the resistance of the 1,850.00 level and afterward the February high at 1,855.00.
If the channel fails, the future depends on which trend line is broken. Breaking of the resistance line would result in a more early test of the mentioned resistance levels. On the other hand, a breaking of the lower trend line could look for support in the 200-hour SMA.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.