Gold analysis: Approaches support zone
|Gold
This week, the price for gold started trading with a bounce off from the resistance of the 1,800.00 mark. By the middle of Monday's trading, the commodity was approaching the support zone of 1,778.60/1,782.70. Future forecasts were based upon whether or not the support zone holds, as it had done three times during the previous week.
If the price recovers from the support zone, the bullion could face resistance in the form of the 50 and 100-hour simple moving averages at 1,795.00. Above the SMAs, the 1,800.00 mark might serve as resistance. Further above, note the Friday's high-level zone above 1,810.00.
However, if the metal drops below the 1,778.60/1,782.70 zone, the price would have no technical support. Namely, the 1,750.00 could be the closest by a level where a pause of a decline might take place.
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