Gold rebounds from 1,955.00

Source: Dukascopy Bank SA


The price for gold has once again bounced off the 1,955.00 level. On Wednesday morning, the price traded between the 1,970.00 and 1,980.00 level. Note that the 1,970.00 mark was being strengthened by the 50 and 100-hour simple moving averages.

In the case of the commodity price recovering resistance could be provided by the 1,982.00/1,984.00 range and the 200-hour simple moving average. Higher above, the 2,000.00/2,010.00 zone is expected to once again impact the price.

On the other hand, a decline of gold would have to pass below 1,970.00 and the 50 and 100-hour simple moving averages, before reaching the 1,952.00/1,955.00 range.
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