Gold retraces downwards after testing resistance

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Source: Dukascopy Bank SA


On Tuesday, the price for gold eventually reached above the 1,785.00 mark and the 1,786.65 level. However, the short piercing of the resistance levels was followed up by a decline to the 1,755.00 level, which acted as support and caused a minor recovery. By the middle of the day's European trading hours, the commodity price's recovery had found resistance in the 1,770.00 mark and the 50-hour simple moving average.

In the case of the metal's price surging above 1,770.00, the previous resistance levels are highly likely to impact the commodity once again. Namely, note the 1,771.30/1,773.10 range and the 1,785.00, 1,786.65 levels.

On the other hand, a decline of the price is set to find support in the 1,745.00/1,755.00 zone.
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