Gold support turns into resistance

Source: Dukascopy Bank SA


The price for gold has moved below the 2,027.70/2,030.00 range, which has turned from support into resistance. Meanwhile, it appears that support was found in the 200-day simple moving average.

If the commodity price recovers, it would have to break above 2,030.00 and the 50-hour simple moving average. Moving higher, a move above 2,047.80 is set to immediately face the 2,050.00 mark. If the price for gold moves even higher, note the marked levels. They have acted as resistance during the early December booking of the all-time-high levels.

On the other hand, a decline of the metal is set to face the combination of the 100 and 200-hour simple moving average near 2,015.00. Below the moving averages, the 2,007.45/2,012.75 range is expected to act a support, before the metal reaches the 2,000.00 mark.
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