Gold manages to recover

Source: Dukascopy Bank SA


The decline of the price of Gold found support in the combination of the 2,630.00 level and the 200-hour simple moving average. These levels were enough to cause a surge of the metal to the 2,670.00 level, where it encountered resistance. On Wednesday, the pair had declined to look for support in the moving averages.

If the 200-hour SMA once again acts as support, the rate would have to break above the 2,650.00 mark and the 50 and 100-hour simple moving averages. Higher above, the 2,670.00 level is expected to provide resistance, before the metal tests the high level range near 2,685.00.

On the other hand, a failure of the moving average would result in the price looking for support in round levels like the 2,640.00 and 2,630.00. These levels could act a support, before the metal reaches the 2,600.00 mark.
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