Gold reaches new high

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


The price for gold has reached above 1,850.00. On Wednesday morning, the pair touched the 1,865.00 level, which acted as resistance and the commodity retraced to look for support in 1,850.00.

If the metal's price continues to decline and reaches below 1,850.00, the 50-hour simple moving averages might act as support near 1,840.00. Further below, note the support of the 1,830.00 level and the 100-hour SMA.

On the other hand, a resumption of the previous surge would have to break the 1,865.00 level, before aiming at the 1,900.00 mark. Meanwhile, note that other round price levels might turn into resistance.
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