Gold recovers and passes resistance

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


Due to the recent decline of the value of the US Dollar, the price for gold has surged. By the middle of Friday's GMT trading hours, the price had passed two hourly simple moving averages and the resistance zone near 1,910.00. In addition, the commodity has broken the channel down pattern, which guided it since the middle of April.

A continuation of the price surge might encounter resistance in the 200-hour simple moving average near 1,925.00. In addition, take into account that the commodity is highly likely going to be slowed down by round price levels like the 1,920.00, 1,930.00 and 1,940.00.

However, a decline of the price might look or support in the 1,907.50/1,911.30 zone. Further below, the 100 and 50-hour simple moving averages could slow down a decline near 1,900.00 and 1,890.00.
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