Gold recovery reaches above 1,725.00

Source: Dukascopy Bank SA


On Tuesday morning, the price for gold shortly reached above the 1,725.00 mark and touched the resistance of the 200-hour simple moving average. The resistance appeared to be enough to force the pair into sideways trading near the 1,720.00 level.

A resumption of the recovery of the commodity price would have to pass the combination of the 200-hour SMA and the 1,725.00 level. Higher above, the price is expected to encounter resistance in round price levels like the 1,730.00, 1,740.00 and 1,750.00.

On the other hand, a decline of the metal might find support in the 50 and 100-hour simple moving averages near 1,710.00. Further below, take into account the 1,700.00 and the 1,690.00 levels.
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