Gold recovery finds resistance at 1,950.00

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Source: Dukascopy Bank SA


The recovery of the Gold price made attempts to pass the 1,947.40/1,951.80 zone and failed. During the first half of Friday's GMT trading hours, the commodity declined and found support in the 50-hour simple moving average and the 1,930.00 mark. In the meantime, the 100-hour simple moving average approached the rate, acted as resistance for four hours, before passing below the price and turning into support.

If the combination of the 50 and 100-hour simple moving averages provides enough support, the price might once again test the resistance of the 1,947.40/1,951.80 zone. A passing above the zone might encounter resistance at 1,970.00/1,978.40. This zone marks the February high and last week's low level zone. In addition, the 200-hour simple moving average is located just below the zone.

On the other hand, a decline of the bullion's price would have to pass the 50 and 100-hour moving averages and the 1,930.00 mark, prior to approaching the 1,895.50/1,907.50 zone.
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