Gold analysis: Reveals pattern

Dukascopy Bank Team Dukascopy Bank SA

Gold

On Monday, Dukascopy Analytics spotted that the recent decline of the yellow metal's price has been occurring in a simple channel down pattern. In the meantime, the rate continues to be impacted by the support and resistance of round price levels.

Previously, the rate trade sideways above the 1,800.00 mark, which was passed at mid-day on Friday.

In regards to he near term future, the rate was expected to continue to decline in the pattern's borders from one round price level to another. In the meantime, additional resistance could be provided by the hourly simple moving averages.

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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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