Gold reveals support and resistance

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


In general, the price for gold has been respecting the support and resistance of round price levels like the 1,945.00, 1,950.00, 1,955.00 and 1,960.00. Meanwhile, the hourly simple moving averages appear to have also impacted the commodity price.

An extension of the ongoing decline is set to look for support in previously notable levels like 1,945.00, 1,940.00 and the 1,932.25 level. Below these levels, round price levels could impact the price, before the 1,910.25 support would be reached.

However, in the case of a potential recovery resistance could be found in the 1,956.60/1,957.10 range and the descending 50-hour simple moving average. Higher above, take into account the 1,965.00 and 1,970.00 levels and the 100-hour simple moving average.
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