Gold retreats below support

Source: Dukascopy Bank SA


The price for an ounce of gold has passed below the support zone at 1,957.25/1,964.20. However, it was observed that the 1,955.00 mark acted as support. Meanwhile, on Tuesday, resistance was encountered in the 1,965.00 level and the 200-hour simple moving average.

A decline below 1,955.00 is expected to find support in the 1,950.00, 1,940.00 and 1,932.25 levels. These levels have acted as support and resistance during the recent past.

However, a breaking of the resistance of the 200-hour SMA and the 1,965.00 level might result in a jump to the 1,970.00 level and the 100-hour SMA. The price could stop at the 1,970.00 mark or pass it and approach the high level zone at 1,984.20/1,987.70.
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