The high levels from 1,790.00 to 1,800.00 have been marked in a resistance zone, as it has held throughout this week. On Friday, the rate passed the support levels of the 55 and 100-hour simple moving averages, which previously provided support.
The decline of the metal had no support as low as the 1,765.00 mark and the 200-hour simple moving average at the 1,767.43 level. These levels could stop the decline and force the metal into sideways trading.
On the other hand, a potential passing of these support levels could result in a drop to the 1,755.00/1,760.00 zone.
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.