Gold analysis: Aims at March high levels

Dukascopy Bank Team Dukascopy Bank SA

Last week, the yellow metal broke the resistance zone near 1,725.00 and surged above it. Afterwards, the zone was confirmed as support before the surge of the commodity price resumed.

On Tuesday, the bullion's price was heading to the resistance zone above the 1,745.00 level. This zone provide the metal with resistance during the second part of March. Namely, it reversed an attempted recovery.

In the case of the metal passing above the 1,745.00 level, the price could find resistance first in the round price level at 1,750.00 and afterwards the March high level near 1,755.00. If all of these levels would be passed, the price might reach for the 1,800.00 level.

On the other hand, a decline from the 1,745.00 level should look for support in the mentioned zone near 1,725.00. In addition, the 55, 100 and 200-hour simple moving averages could provide support.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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