Gold approaches support zone

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


This week, the price for gold started trading with a bounce off from the resistance of the 1,800.00 mark. By the middle of Monday's trading, the commodity was approaching the support zone of 1,778.60/1,782.70. Future forecasts were based upon whether or not the support zone holds, as it had did three times during the previous week.

If the price recovers from the support zone, the bullion could face resistance in the form of the 50 and 100-hour simple moving averages at 1,795.00. Above the SMAs, the 1,800.00 mark might serve as resistance. Further above, note the Friday's high level zone above 1,810.00.

However, if the metal drops below the 1,778.60/1,782.70 zone, the price would have no technical support. Namely, the 1,750.00 could be the most close by level where a pause of a decline might take place.
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