Gold retraces to 1,740.00/1,745.00

Source: Dukascopy Bank SA


The support of the 1,720.00 mark was enough to cause a retracement back up to the 1,740.00/1,745.00 levels and the 50-hour simple moving average. On Tuesday morning, the 50-hour SMA was pushing the price down, as by 07:30 GMT the price had reached 1,730.00.

A decline of the metal's price might look for support in the 1,720.00 level and the 1,710.00/1,715.00 July low level zone. Further below, the 1,700.00 mark is expected to act as support.

However, a recovery of the commodity would have to pass the 50-hour simple moving average near 1,735.00 and the combination of the 1,740.00/1,745.00 levels and the 100 and 200-hour simple moving averages.
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