Gold's support zone remains intact

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Source: Dukascopy Bank SA


The support zone at 1,778.60/1,782.70 held and caused a surge. By the middle of Tuesday's trading, the price for the commodity had broken the resistance of the 50 and 100-hour simple moving averages and the 1,800.00 mark. The target for the bullion appeared to be the resistance zone at 1,812.70/1,815.70 and the 200-hour simple moving average near 1,815.00.

If the price bounces off the resistance levels near 1,815.00, a decline back to the support at 1,778.60/1,782.70 could occur. A decline below this zone could leave the price without any support as low as 1,750.00.

On the other hand, a move above 1,815.00 might result in a surge to the 1,830.00/1,835.00 zone.
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