Gold analysis: Breaks pattern

Dukascopy Bank Team Dukascopy Bank SA

Gold

As a new month started, the yellow metal's price ended its decline in the borders of a channel down pattern. The price broke out of the pattern through its upper trend line. Moreover, the resistance of the 55-hour SMA was quickly broken.

By the middle of Tuesday's GMT trading hours, the price for gold had reached the 100-hour simple moving average. If the SMA fails to provide resistance, the price could reach for the 200-hour SMA near 1,827.25.

On the other hand, note that the 100-hour SMA was located at the 1,800.00 level, which on its own provided strong support during the last week. This round price level could keep the metal down.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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