Gold pierces resistance zone

Source: Dukascopy Bank SA


At mid-day on Wednesday, the price for gold managed to break the resistance of the 1,902.50/1,905.00 range. The move occurred with the support of the 200-hour simple moving average. A previous attempt failed due to the SMA acting as resistance and strengthening the mentioned range. On Wednesday, the SMA moved outside the range and below the price.

The target for the surge of the metal is the 1,910.25 mark, where the price was headed at the time of writing. A move above 1,910.25 could encounter resistance in the upper trend line of the channel down pattern. However, note that the pattern's lines were pierced on August 17. It might not have enough strength to impact the price. Higher above, note the 1,920.00 and 1,925.00 levels.

On the other hand, a decline of the commodity would look for support in the 1,902.50/1,905.00 range and the 200-hour simple moving average. Further below, take into account the 50 and 100-hour simple moving averages and the 1,895.00 level. Even further below, the 1,885.00/1,886.75 range is set to act as support.
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