Gold returns to support zone

Source: Dukascopy Bank SA


The price for gold has returned to the support zone at 1,896.50/1,901.50. The support zone has held and keeps the price up. Meanwhile, it has been observed that the 50 and 100-hour simple moving averages are failing to impact the commodity price.

A decline of the price for gold would have to reach below the 1,896.50/1,901.50 zone and the 200-hour simple moving average. Below the zone note the previous support and resistance levels at 1,880.00 and 1,870.00.

However, a surge of the safe haven metal would face resistance at 1,915.00, 1,920.00 and 1,925.00, before testing the recent January high levels near 1,930.00.
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