Gold finds support in 100-hour simple moving average

Source: Dukascopy Bank SA


Gold has retraced back down and found support in the 100-hour simple moving average near the 1,986.00 level. During the first part of Thursday's trading, it was spotted that the price remained below 2,000.00. The metal appeared to be needing additional support to push higher. The support could be provided by the 100-hour SMA moving higher.

The price needs to pas 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 is expected to find support in the 1,985.0 level and the lower trend line of the channel up pattern. A breaking of the pattern would highly likely result in a broader decline of the metal that could be slowed down by the 1,980.00 and 1,970.00 levels and the 200-hour simple moving average.
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