Gold finds resistance above 1,795.00

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Source: Dukascopy Bank SA


The resistance of the 55, 100 and 200-hour simple moving averages failed to keep the metal's price down. The bullion pierced the SMAs. However, it did not result in a follow up surge, as the 1,796.00/1,797.00 zone provided resistance. Since the middle of Monday's trading hours, the price has been fluctuating between the support of the 55-hour simple moving average and the 1,796.00/1,797.00 zone.

A surge of the rate above the 1,796.00/1,797.00 zone could find resistance in the 1,800.00 mark. Above the 1,800.00, the 1,810.00 might once again provide resistance.

However, a decline of the price below the 55-hour SMA might aim at the Friday low level at 1,772.20.
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