Gold faces resistance in 1,880.00

Source: Dukascopy Bank SA


Throughout this week, the price for gold has been fluctuating between the support of the 1,867.90/1,870.40 range and resistance at 1,879.30/1,881.60. In the meantime, the 50-hour simple moving average had caught up with the commodity.

If the additional support of the 50-hour SMA manages to push the price through the resistance of 1,881.60, the price might finally test the 1,900.00 mark.

On the other hand, a decline of the commodity could look for support in the 100-hour simple moving average and the 1,860.00 level.
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