Gold hits 1,850.00 mark

Source: Dukascopy Bank SA


The price for gold continued to surge, as it eventually managed to break the 1,825.00 mark and the December high level at 1,833.20. On Tuesday morning, the commodity price reached the 1,850.00 mark. However, as the US futures markets opened, major demand for the USD caused a decline of all commodities. By mid-day, the price had retraced to the 1,830.00 level.

An extension of the ongoing decline of the metal might look for support in the 1,825.00 level and the 50-hour simple moving average. Further below, note the 100 and 200-hour simple moving averages at 1,815.00 and 1,810.00.

On the other hand, a recovery of the commodity is bound to once again test the resistance of the 1,850.00 mark.
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