Gold recovers on Thursday

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


Despite reaching below the 1,810.00 level, the price for gold did not decline. The commodity found support in the 1,807.50 level and recovered to 1,825.00, which acted as resistance. On Thursday morning, the price once again found support in the 1,810.00 level and started a surge that had reached above 1,825.00, by 09:30 GMT.

If the surge of the metal continues, it is expected to encounter resistance in the Tuesday's high levels at 1,835.05/1,836.30 and the 200-hour simple moving average. Higher above, take into account the resistance of the 1,840.00 level and the upper trend line of the channel down pattern, which has guided the price since April 18.

Meanwhile, a decline of the commodity price might once again look for support in the 1,807.50/1,810.00 zone. Afterwards, the 1,800.00 level could act as support.
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