Gold trades below 1,800.00

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


After testing the resistance of the 1,810.00 level, the price for gold began a decline on Tuesday. By 15:00 GMT, the decline had shortly traded below the 200-hour simple moving average near the 1,785.00 level.

Meanwhile, the price had passed the supporting line of the previously broken channel up pattern. In addition, note that previous week's support levels have been marked on the chart.

If the metal continues to decline, it would have to clearly pass the support of the 200-hour simple moving average at 1,785.70. Afterwards, the October 21 low levels at 1,766.60/1,779.20 zone might act as support.

Meanwhile, a potential surge of the metal's price might find resistance in the 55 and 100-hour simple moving averages at 1,792.76 and the 1,800.00 level.
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