Gold reveals support and resistance

Source: Dukascopy Bank SA


The surge of gold did not reach the 2,200.00 mark. Instead, the metal has been consolidating between two notable ranges. First of all is the resistance of the 2,185.00/2,195.00 range. Most recently, the price has been finding support in the 2,150.00/2,165.00 zone.

On Thursday, March 14, the price declined due to the publication of the US Producer Price Index. However, the combination of the 2,150.00 level and the 200-hour simple moving average were enough to keep the price up.

A resumption of the broader surge could be slowed down by the 50 and 100-hour simple moving averages near 2,165.00/2,170.00. Higher above, the 2,180.00 appears to be capable of acting as resistance. If these levels fail to keep the metal down, the 2,185.00/2,195.00 range is set to once again come into play.

If the price passes below 2,150.00, the 2,130.00, 2,120.000 and 2,110.00 levels might turn into support, before the 2,100.00 mark is reached.
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