Gold reaches below support

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


The support of the 50-hour SMA eventually failed to push the commodity price through the resistance of the 1,784.20/1,786.60 zone. On Thursday morning, the follow up decline passed below the 1,766.15/1,768.30 range and the 100-hour simple moving average.

A potential extension of the ongoing decline might look for support in round price levels like the 1,760.00, 1,750.00 and 1,740.00, before reaching the 200-hour SMA near 1,735.00.

However, a recovery of the commodity price might face resistance in the 50-hour simple moving average near 1,775.00. Higher above, note the 1,784.20/1,786.60 resistance zone.
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