Gold recovers above 1,900.00

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Source: Dukascopy Bank SA


The price for gold found support in the 1,885.00 level and started a recovery. On Tuesday, the recovery reached above 1,900.00. However, resistance was encountered in the combination of the 1,902.50/1,905.00 range and the 200-hour simple moving average.

A decline of the metal's price could look for support in the combination of the 1,895.00 level and the 50 and 100-hour simple moving averages. Below these levels, take into account that the 1,885.00/1,886.75 range might stop a decline.

On the other hand, a surge of the commodity price would have to pass the 1,902.50/1,905.00 zone, before testing the 1,910.25 level or the upper trend line of the broad channel down pattern.
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