Gold finds resistance at 1,900.00

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Source: Dukascopy Bank SA


As expected, the price for gold reached the 1,900.00 mark, which was shortly pierced. Afterwards, at midnight to Friday, the commodity price retreated to look for support in the 1,890.00 level. Meanwhile, the 50-hour simple moving average had reached the support zone at 1,880.00/1,882.90.

If the commodity price resumes its surge, it would most likely make another attempt at passing the resistance of the 1,900.00 mark. Above the 1,900.00 level, take into account the upper trend line of the channel up pattern, which has guided gold up since February 3.

Meanwhile, a potential decline could look for support in the 1,880.00/1,882.90 zone and the 50-hour simple moving average. Below these levels, note the 100-hour simple moving average and the lower trend line of the February channel up pattern.
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