Gold analysis: Finds support in SMA
|Gold
On Tuesday, the decline of the yellow metal's price reached the support of the 200-hour simple moving average and pierced it. However, after piercing the SMA, the price recovered to the 1,705.00 level.
On Wednesday, the rate once again found support in the 200-hour simple moving average near 1,785.00.
If the metal's price recovers, it would most likely face the technical resistance of the 100-hour SMA near 1,794.00. Afterward, the 55-hour SMA near 1,798.00 might act as a resistance before the pair aims at the 1,800.00 mark.
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