Gold passes support zone

Source: Dukascopy Bank SA


The price for gold has ended its broad sideways trading by declining below the 1,955.00 level. Moreover, the following decline reached as low as 1,940.00. However, by mid-Friday, the price had returned and was testing the 1,952.00/1,955.00 range's resistance.

A move above the 1,955.00 level and the 50-hour simple moving average might result in the pair resuming fluctuating in the previous range. Meanwhile, note that the 100 and 200-hour simple moving averages could act as resistance near 1,960.00 and 1,970.00.

However, a decline of the commodity price might be slowed down by round price levels like 1,945.00 and 1,940.00. In the meantime, the price has not found support in the March low levels at 1,944.25 and 1,934.50.
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