Gold analysis: Books new low level
|Gold
Gold booked a new low level during early Thursday's trading, as the price for gold shortly fluctuated at the 1,769.00 level. In the meantime, it was spotted during the afternoon that the 50-hour simple moving average and the previous support zone at 1,778.60/1,782.70 were providing resistance to the metal's recovery.
A potential resumption of the decline of the metal could decline from one round price level to another. However, note the lower trend line of the channel down pattern near 1,765.00. The trend line might provide support.
On the other hand, a move above the 50-hour simple moving average and the zone at 1,778.60/1,782.70 is highly likely going to result in a test of the resistance of the 100-hour SMA near 1,785.00. Above the 100-hour SMA, the 200-hour SMA near 1,800.00 might act as resistance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.