Gold analysis: Looks for support
|Gold
The yellow metal's price, on Monday, retraced down and found support in the late-August high level zone near 1,805.00/1,810.00. On Tuesday morning, additional support was approaching the bullion. Namely, the 55-hour simple moving average reached above the 1,810.00 level.
If the 55-hour SMA manages to push the price up, the metal would have to pass the 1,820.00 level first. Afterwards, the high level zone near 1,830.00/1,835.00 could provide resistance.
However, a decline below the SMA would look for support in the previous high levels close below the 1,810.00 mark before reaching the 100 and 200-hour simple moving averages near 1,800.00/1,795.00.
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