Gold reveals resistance zone

Source: Dukascopy Bank SA


The price for gold has confirmed that the 1,812.00/1,814.35 zone is acting as resistance. On Tuesday morning, the commodity price bounced off the zone and started a decline, which was aiming at the 1,800.00 mark.

If the price reaches below the 1,800.00 mark, the May and July low levels at 1,786.65 and 1,785.00 might once again act as support.

However, a bounce off from the 1,800.00 level is most likely going to result in another test of the 1,812.00/1,814.35 zone, before approaching the 200-hour simple moving average and the 1,820.00 level.
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