Dukascopy Bank Team
Dukascopy Bank SA
Gold
The yellow metal has clearly broken the resistance of the channel down pattern. It occurred in a sharp four hour jump, which also passed the resistance of the 55, 100 and 200-hour simple moving averages. Eventually, the metal's price was stopped by the 1,765.00 level's resistance.
On Friday, the pair traded sideways around the 200-hour SMA and the 1,755.00 level.
If the metal's price surges, it would once again test the resistance of the 1,765.00 mark. On the other hand, a potential decline could find support in the 1,745.00 level and the 55 and 100-hour simple moving averages.
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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.
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