Gold recovers after reaching May low

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


On Friday, the price for gold eventually reached the May low level at 1,786.65. For a short period the price fluctuated below this level, prior to starting a recovery. By the middle of Monday's trading, the price had reached above 1,800.00 and encountered resistance in the 100-hour simple moving average.

If the metal's price continues to recover, it would have to pass the 100-hour simple moving average and the 1,815.00 mark, before approaching the combined resistance of the 200-hour SMA and the 1,820.00 level. Higher above, note the resistance line, which connects the commodity price's late June high levels.

On the other hand, a potential decline of the metal's price is set to look for support in the 1,800.00 mark, before approaching the low level zone near 1,785.00.
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