Gold trades above 1,900.00

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


Gold has reacted to a run to safety. Before the weekend, markets went into safe haven assets, as an escalation of the war in Middle East was expected. The commodity price reacted to the events with a surge to the resistance of the 1,932.50 level. Afterwards, a retracement to the support of the 1,910.00 level occurred. On Tuesday, the metal was observed to be pushed higher by the 50-hour simple moving average.

If the surge resumes, the price is set to face the resistance of 1,932.50, 1,940.00 and 1,950.00 levels. Higher above, note the 1,970.00 and 1,980.00 levels that have acted as resistance in July.

However, in the case of a move below the 50-hour SMA and the 1,910.00 level, the 1,900.00 level could slow down a decline, before the combination of 1,895.00 and the 100-hour simple moving average are reached.
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