Gold is supported by 50-hour SMA

Source: Dukascopy Bank SA


Since early Tuesday's trading hours, the price for gold has been fluctuating between the support of the 1,766.15/1,768.30 zone and resistance at 1,784.20/1,786.60. On Wednesday morning, the commodity was observed to be finding support in the 50-hour simple moving average near 1,770.00.

A surge of the commodity price is expected to test the resistance of the 1,784.20/1,786.60 zone, before approaching the 1,800.00 mark.

On the other hand, a decline of the price for gold would look for support in 1,766.15/1,768.30 and the 100-hour SMA near 1,760.00.
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