Gold analysis: Reaches 1,710.00 mark
|Gold
The yellow metal's price found resistance in the previous support of the declining wedge pattern at the 1,760.00 level. It was followed by a decline, which on Tuesday found support in the 1,710.00 level. By the middle of the day's European trading, the rate had retraced back up.
The recovery of the rate was approaching the 38.20% Fibonacci retracement level at 1,729.33, which had provided resistance at midnight to Tuesday. In the meantime, the rate was being approached from above by the 55-hour simple moving average. The combination of these levels could cause a decline, which would test the support of the 1,710.00 and 1,700.00 levels.
In the case of the Fibo and SMA failing to provide resistance, the rate could recover to the 1,760.00 level and the 100-hour simple moving average.
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