Gold analysis: Fails at recovery

Dukascopy Bank Team Dukascopy Bank SA

Gold

Gold found resistance on Monday in the 1,760.00 level. The event was followed by a decline, which by the middle of the day was approaching the September low level zone from 1,738.25/1,745.40.

If the September support zone holds, the metal's price might recover. A potential recovery could find resistance in the 55, 100 and 200-hour simple moving averages near 1,755.00, 1,760.00 and 1,765.00. In addition, round price levels could once again act as resistance.

A passing below the low levels could reach August low levels near 1,720.00.

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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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