Gold recovers to 1,745.00/1,755.00 range

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


By once again finding support in the 1,730.00 level, the price for gold has managed to break the resistance of the 50-hour simple moving average. It resulted in a surge into the 1,745.00/1,755.00 zone. During the morning hours of Wednesday, the price appeared to be heading to the 1,755.00 level.

A move above 1,755.00 level could result in a surge to the 1,765.10 level and the 200-hour simple moving average near it. A move higher might even reach the 1,800.00 mark and the resistance zone, which surrounds it.

On the other hand, a decline of the commodity price is slightly likely expected to find support in the 50-hour simple moving average and the 1,740.00 level. Further below, the 1,730.00 mark might once again stop a decline, before the price reaches the 1,710.00/1,715.00 zone.
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