Gold finds support

Source: Dukascopy Bank SA


The price for gold eventually found support above the 1,615.00/1,622.00 zone. The 1,625.00 level appears to have acted as support. During the first half of Thursday's trading, the price recovered back up to the 1,635.00 level.

A continuation of the recovery might encounter resistance in the 1,640.00 level and the zone, which surrounds it. In addition, note the descending 50-hour simple moving average. Higher above, a channel's resistance line is located together with the 100-hour SMA.

On the other hand, a resumption of the decline might look for support in the 1,625.00 level and the 1,615.00/1,622.00 zone, before the 1,600.00 mark would be reached.
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