Gold reveals support

Source: Dukascopy Bank SA


The price of gold has revealed support at the 1,910.25 level. The support caused a recovery of the metal up to the 1,930.00 levels. However, the week as started at 1,925.00, before the 50-hour simple moving average acted as support and caused a move back up above 1,930.00.

An extension of the recovery could encounter resistance in the combination of the 1,940.00 mark and the 200-hour simple moving average. Higher above, the 1,950.00 mark is expected to impact the commodity price.

Meanwhile, a potential decline of the metal's price is expected to look for support in the 50-hour simple moving average and the 1,920.00 mark, before reaching the 1,910.25 level.
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