Gold tests resistance zone

Source: Dukascopy Bank SA


The 1,745.00/1,755.00 zone provided enough support to the price to gold for a broad recovery. By 13:30 GMT, the price had managed to reach and bounce off the resistance zone at 1,784.40/1,788.70.

A decline of the commodity price could look for support in the 1,771.30/1,773.10 range. Further below, the 1,745.00/1,755.00 levels are expected to once again act as support.

However, a surge of the yellow metal would have to break the 1,784.40/1,788.70 resistance zone, before approaching the 1,800.00 mark.
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