Gold returns to 1,975.00

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Source: Dukascopy Bank SA


The price for gold has retraced downwards to the support zone at 1,975.00. On Thursday, the zone provided enough support for a recovery of the price to start, as the metal shortly reached above the 2,000.00 level.

If the price for gold continues to surge, it would have to pass the 50-hour simple moving average near 2,010.00, before approaching the 2020 and 2022 high level zone at 2,050.00/2,075.00.

In the meantime, a decline of the commodity price is expected to look for support in the 1,975.00 level's zone and the 1,960.00 mark, where the 200-hour simple moving average is located at.
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Mon, 14 Mar 2022 10:03:59 GMT

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