Gold Analysis: Finds support

On the hourly charts, which are drawn by the Dukascopy analysts, it can be observed that the weekly S1 at 1,243.59 has done its job in providing support to the yellow metal's price. However, the commodity price has still not reached the lower trend line of the long term ascending channel pattern. On Tuesday morning and throughout the rest of the day the trend line is set to remain below the 1,240 mark, which means that the price could still decline. In addition, the 55-hour SMA is approaching the bullion from the upside near the 1,250 mark. The simple moving average could provide the needed force to push the price lower. On the other hand the metal could continue to trade almost flat and also reach the mentioned trend line.

XAUUSD

 

Interested in Gold technicals? Check out the key levels

    1. R3 1265.10
    2. R2 1260.38
    3. R1 1251.64
  1. PP 1246.92
    1. S1 1238.18
    2. S2 1233.46
    3. S3 1224.72

 

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.