Gold finds support in 1,700.00

Source: Dukascopy Bank SA


The decline of gold's price on Wednesday was finding support in the 50-hour simple moving average near 1,705.00. However, the SMA eventually failed and a short lived decline occurred, as the commodity immediately reversed at the 1,700.00 level.

By the middle of Thursday's trading, the price recovery was heading to the September highs near 1,730.00. The 1,730.00 level acted as resistance on Tuesday, when the metal made two attempts at passing above it.

A move above the 1,730.00 level could be slowed down by the 1,740.00, 1,750.00 and 1,760.00 levels, before the late August high level at 1,765.10 would be reached.

On the other hand, a decline of the price is set to look for support in the 50-hour SMA near 1,720.00 and the 1,700.00 mark. Note that the 100-hour SMA is expected to strengthen the 1,700.00 mark.
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