Gold looks for support in previous low levels

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Source: Dukascopy Bank SA


The bounce off from the resistance of the descending trend line eventually reached the last week's low level zone at 1,816.90/1,823.50.

If the support levels hold, a potential recovery of the commodity price might occur. A move higher could encounter resistance in the combination of the 1,830.00 level and the 50 and 100-hour simple moving averages. Higher above, note the descending trend line and the 200-hour simple moving average.

However, a move below the recent low levels might look for support in the 1,816.90/1,823.50 zone, before reaching the 1,800.00 mark.
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