Gold remains above support

Source: Dukascopy Bank SA


The price for gold remains above the 1,930.50/1,932.10 range. Meanwhile, the pair is being approached by the resistance of the 50-hour simple moving average. In general, previous scenarios are relevant.

In the case of the metal passing below the support zone at 1,930.50/1,932.10 the descent could be slowed down by the lower trend line of a broad channel down pattern, which has been recently spotted and marked. Meanwhile, note that the 1,925.00 level might act as support, before the price reaches the low level zone at 1,920.30/1,922.60.

On the other hand, a potential recovery of the metal could be stopped by the 1,940.00 mark, the 1,942.50/1,943.40 range and the approaching 50-hour simple moving average. Higher above, note the 1,950.00 mark and the 100-hour simple moving average.
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