The yellow metal has continued to respect the support zone of the previously described descending triangle pattern. However, on Tuesday the 55 and 100-hour simple moving averages near 1,780.00 started to provide resistance. In the meantime, the 200-hour SMA had reached the triangle.
The price has been trading between a support zone at 1,770.00/1,775.00 and a descending trend line since June 21. In theory, the commodity price would trade in the pattern until a break out from it occurs.
If the price breaks out to the upside, the 1,800.00 marks would be reached. On the other hand, a passing of the 1,770.00/1,775.00 zone could result in a decline to the 1,750.00 marks.
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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