Gold manages to reach above 1,750.00

Source: Dukascopy Bank SA


The price for gold has managed to reach above the resistance zone, which surrounds the 1,750.00 level. On Friday morning, the metal reached above the 1,765.00 level. However, during the afternoon hours, a retracement back down occurred.

The retracement down of the commodity price might look for support in the 1,743.85/1,752.60 zone. In addition, note the 50-hour simple moving average at 1,745.00. Further below, note the 1,735.00 and 1,740.00 levels, which have acted as both support and resistance.

On the other hand, a recovery of the bullion would encounter resistance in round price levels and the resistance zones above 1,770.00 and near 1,785.00.
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