Gold finds support in 1,895.00

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


The United States Bureau of Economic Analysis has published the US Final quarter on quarter Gross Domestic Product data. The markets expected US economy to have grown in the first quarter of the year by 1.4%. Instead of the expected, the economy has been reportedly increased by 2.0%.

On gold charts it resulted in a drop from the 50-hour simple moving average near 1,910.00 down below the 1,900.00 mark and to the support of the 1,895.00 level. The 1,895.00 level was pierced, but held out and caused a recovery of the commodity price. By 14:30 GMT on Thursday, the price had returned to the 1,910.25 level and the 50-hour simple moving averages, which were acting as resistance.

A move above the 50-hour simple moving average might be slowed down by the 100-hour simple moving average near 1,915.00 and the 200-hour simple moving average near 1,925.00. In addition, take into account that the 1,920.00 mark has acted as support and resistance. Higher above, note the 1,930.00 and 1,932.25 level resistance.

Meanwhile, a decline of the metal's price is highly likely going to look for support in the 1,895.00/1,900.00 range, before approaching lower round price levels.
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