Gold is kept down by a moving average

Source: Dukascopy Bank SA


The recovery of the price for gold hit resistance in the form of the 100-hour simple moving average near the 1,715.00 mark. During the first half of Monday's trading, the price was still kept down by the SMA.

A decline of the commodity price might look for support in the combination of the 1,705.00 level and the 50-hour simple moving average. Afterwards, the 1,700.00 mark might reverse a decline, prior to the price reaching the last week's low level near 1,690.00.

On the other hand, a potential move above the 100-hour SMA could encounter resistance in round price levels and the 200-hour SMA near 1,730.00.
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