Gold recovers on Wednesday

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


The price for gold found support in the 100-hour simple moving average and the 1,845.00 level. Afterwards, a failed attempt at surging occurred due to the 50-hour simple moving average. However, the 1,850.00 mark acted as support and a following surge managed to reach above the 50-hour SMA and reach the 1,870.00 mark.

A continuation of the recovery of the commodity price might encounter resistance at the 1,880.00 level, from which the price bounced off on February 15. Higher above, gold is most likely going to find resistance in the 1,900.00 mark.

However, a decline of the metal's price would most likely look for support in the 1,865.00 level and the 50-hour simple moving average near 1,860.00, before declining to the 1,850.00 mark and the 100-hour simple moving average.
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