Gold booked a new low level during early Thursday's trading, as the price for gold shortly fluctuated at the 1,769.00 level. In the meantime, it was spotted during the afternoon that the 50-hour simple moving average and the previous support zone at 1,778.60/1,782.70 were providing resistance to the metal's recovery.
A potential resumption of the decline of the metal could decline from one round price level to another. However, note the lower trend line of the channel down pattern near 1,765.00. The trend line might provide support.
On the other hand, a move above the 50-hour simple moving average and the zone at 1,778.60/1,782.70 is highly likely going to result in a test of the resistance of the 100-hour SMA near 1,785.00. Above the 100-hour SMA, the 200-hour SMA near 1,800.00 might act as resistance.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.