Gold Analysis: Breaks patterns and continues to gain

Dukascopy Bank Team Dukascopy Bank SA

Gold

The yellow metal's price has surged above the 1,285.00 level by the middle of Wednesday's trading session. Moreover, the surge was expected to continue.

In general, it could be observed that the commodity price was pushed higher by the 55-hour simple moving average. The price surged and retraced back down to the SMA during the last couple of weeks.

Meanwhile, note that the rate will face the resistance of a 23.60% Fibonacci retracement level at the 1,291.57 mark.

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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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