Gold decline approaches 1,800.00

Source: Dukascopy Bank SA


The price for gold eventually found resistance at 1,880.00, which was strong enough to cause a decline that passed below 1,860.00. On Tuesday, the commodity price had already reached the 1,820.00 mark.

An extension of the decline is expected to look for support in the low level zone at 1,805.00/1,808.00. Afterwards, the 1,800.00 mark is most likely going to act as support.

On the other hand, a recovery of the commodity price could face resistance in the form of the 50 and 100-hour simple moving averages, before reaching the 1,860.00 and 1,880.00 levels that have acted as support and resistance.
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