Gold reaches above resistance zone

Source: Dukascopy Bank SA


The price for gold has reached above the 1,784.40/1,788.70 zone. Afterwards, resistance was found in the 1,795.00 mark. On Friday morning, the commodity price was finding support in the previous resistance zone, as the 1,788.70 level appeared to be keeping the price up.

If the metal manages to recover, the 1,795.00 level and the 1,800.00 mark are expected to provide resistance. Above, 1,800.00 note that the 1,810.00/1,815.00 zone acted as support and resistance during late June and early July.

However, a decline below the 1,784.40/1,788.70 zone, the 50 and 100-hour simple moving averages might act as support, prior to the rate reaching the 1,771.30/1,773.10 range.
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