Gold analysis: Hits new low level
|Gold
The yellow metal's price booked a new recent low level on Thursday, as it shortly traded at the 1,738.40 level. However, a recovery followed the piercing of the 1,740.00 mark.
On Friday morning, the commodity price was heading higher. The upwards move was expected to find resistance first in the combination of the 55 and 100-hour simple moving averages at 1,765.00 and afterwards the 200-hour SMA near 1,770.00.
Meanwhile, a decline of the price is highly likely going to look for support in round price levels, as there are no close by technical support levels.
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