Gold analysis: Books new low level

Dukascopy Bank Team Dukascopy Bank SA

Gold

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.

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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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