Gold analysis: Makes another attempt at 1,830.0

Dukascopy Bank Team Dukascopy Bank SA

Gold

Despite being pierced, the 1,815.00 mark provided enough support to the yellow metal's price on Thursday for a surge to begin. The surge eventually made an attempt to approach the 1,830.00 summer high level zone, but failed, as it bounced off the 1,829.30 level. By the middle of Friday's trading, the price had retreated below the 1,825.00 level. Meanwhile, it was spotted that the commodity was ignoring the 50-hour simple moving average near 1,823.00.

If the price of the metal declines, it might find support in the lower trend line of a recently spotted channel up pattern near 1,820.00. Below the 1,820.00 level, the price could find support in the 1,815.00 level and the 100-hour simple moving average near it.

In the meantime, a surge of the price would most likely find some resistance in the 1,825.00 mark, before making another attempt at passing the 1,830.00 level and the high level zone above it.

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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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