Gold analysis: Remains above 1,795.00
|Gold
The support of the 1,795.00 price level held on Tuesday. Afterwards, the bullion surged to the resistance of the 200-hour simple moving average near 1,807.00 On Wednesday, the rate had bounced off the SMA and declined to the 1,800.00 level.
If the decline continues, the commodity price would first test the support of the 1,795.00 level. Afterwards, other round price levels could provide support.
On the other hand, a potential surge most likely would test the resistance of the 200-hour simple moving average and the upper trend line of the late-July channel down pattern.
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