Gold is back at support

Source: Dukascopy Bank SA


The recovery of gold stopped at 2,360.00. The level held and caused a decline back to the 2,326.60/2,334.40 range that has acted as support.

A recovery of the metal's price has to reach above 50 and 100-hour simple moving averages near 2,350.00 and the 2,360.00 mark. Higher above, the 200-hour SMA might act as resistance near 2,380.00, before teh 2,400.00 mark is reached.

On the other hand, a decline below 2,326.60/2,334.40 is set to result in the pair looking for support in the 2,300.00 mark.
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