Gold almost reaches 1,950.00

Source: Dukascopy Bank SA


At midnight to Thursday GMT time zone, the price for gold almost reached the 1,950.00 mark. However, resistance was encountered and a decline started. By mid-day, the price had reached below 1,935.00.

An extension of the downwards retracement might look for support in the 1,930.00 mark and the 100-hour simple moving averages. However, these levels failed to act as support. Further below, note the trend line, which connects the recent higher low levels of the commodity and the 200-hour simple moving average.

On the other hand, a resumption of the surge of the commodity price would face resistance in the 1,940.00 and 1,950.00 levels.
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