Gold approaches 1,730.00 level

Source: Dukascopy Bank SA


The price for gold has been highly volatile, as it plummeted at mid-day on Thursday due to the ECB rate hike. However, the price found support in the 1,705.00 level and started a recovery. By the middle of Friday's European trading hours, the commodity price had reached the 1,730.00 level.

An extension of the price's surge might encounter resistance in the 1,735.00, 1,740.00 and 1,745.00 levels. In addition, note the trend line, which connects the Wednesday and Thursday high levels.

On the other hand, a decline of the metal's price could look or support in the 1,725.00 and 1,720.00 levels, before approaching the 50, 100 and 200-hour simple moving averages near 1,710.00. Moreover, the recent low level trend line might act as support.
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