Gold finds resistance above 1,745.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The yellow metal's surge, which was started by the support of the 200-hour SMA on Thursday, eventually found resistance. Namely, the 1,745.50/1,747.40 zone provided resistance. By the middle of Monday's trading, the commodity price had retraced down to the support 200-hour simple moving average.

If the SMA manages to once again cause a surge, the price could again test the resistance zone above the 1,745.00 level. In the case of the 1,745.00 level being broken, the rate would find resistance in the March 18 high level at 1,755.00.

On the other hand, the 200-hour SMA could fail at providing support. In this case scenario, the pair would look for support in round price levels. Most likely the 1,720.00 and 1,700.00 levels could provide support.
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