Gold analysis: Trades sideways
|Gold
Since September 8, the price for gold has continued to fluctuate sideways between a support zone below the 1,785.00 level and resistance above the 1,800.00 mark. On Tuesday, the price was reached by the resistance of the 100-hour simple moving average, which together with the 55-hour SMA started to push the metal down.
If the hourly simple moving averages manage to push the price through the support of the 1,785.00 zone, the metal could look for support in round price levels, as it did in August.
On the other hand, a surge above the 55 and 100-hour SMAs would most likely encounter resistance in the 1,800.00/1,805.00 zone.
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