Gold continues to respect 100-hour SMA

Source: Dukascopy Bank SA


Since mid-Tuesday, the price for gold has been kept up by the 100-hour simple moving average. Moreover, support was found in the 1,990.00 mark. As the price fluctuated sideways, it is set to reach the lower trend line of the channel up pattern.

The price needs to pass this week's high levels near 2,005.00 to move higher. A surge above these levels is expected to be slowed down by the upper trend line of the channel pattern and round price levels.

However, a potential decline below the 100-hour simple moving average, the 1,990.00 level and the lower trend line of the channel up pattern could result in a drop down to the combination of the 1,980.00 mark and the 200-hour simple moving average.
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