Gold bounces off 1,880.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The surge of the yellow metal's price eventually found resistance in the 1,880.00 mark. The price was testing the resistance of the round price level until the Russian government announced that it would move a part of its forces away from the Ukrainian border. This resulted in risk on sentiment and a drop of the price of the metal's price below the 1,850.00 mark. At mid-day, the price was finding support in the 1,845.00 level.

A decline below the 1,845.00 mark would have to also pass the support of the 100-hour simple moving average. Below the SMA, the most close by known support was the 1,830.00 mark, which was being approached by the 200-hour simple moving average. Further below, note the 1,825.00 and 1,815.00 levels. Both of these levels have acted as support and resistance.

On the other hand, a recovery of the price is first set to face resistance at 1,850.00/1,851.60. Afterwards, the 1,865.00 mark is expected to act as resistance, before the 1,880.00 would be reached.
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