Gold analysis: Falls below pivot points
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The high levels from 1,790.00 to 1,800.00 have been marked in a resistance zone, as it has held throughout this week. On Friday, the rate passed the support levels of the 55 and 100-hour simple moving averages, which previously provided support.
The decline of the metal had no support as low as the 1,765.00 mark and the 200-hour simple moving average at the 1,767.43 level. These levels could stop the decline and force the metal into sideways trading.
On the other hand, a potential passing of these support levels could result in a drop to the 1,755.00/1,760.00 zone.
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