Gold consolidates after decline

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Source: Dukascopy Bank SA


The decline of the price of gold eventually found support, as it approached the 1,730.00 level. Namely, the rate rebounded from 1,732.10. Since the event, the price has retraced back up and appears to be trading sideways around the 1,740.00 mark.

If the price for gold extends its recovery, resistance might be found in the 1,760.00 mark and the 50-hour simple moving average, as the round price level acted as support during the middle of this week. Higher above, note the zone above 1,770.00, which acted as resistance on Tuesday and Wednesday.

In the case of a decline, the rate would have to pass the 1,730.00 level, before approaching the support of the 1,700.00 mark.
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