On Wednesday, the price for gold eventually passed the resistance of the 1,825.00 level. However, the price did not reach the 1,830.00 mark and the summer high level zone. The price bounced off the 1,828.45 mark and started a decline. By the start of Thursday's US trading, the decline had passed the support of the 50-hour simple moving average near 1,820.00.

If the price for gold continues to decline, the price might once again look for support in the 1,815.00 level. Below the 1,815.00 mark, the 100 and 200-hour simple moving averages were located near 1,810.00.

On the other hand, a resumption of the surge of the price could find resistance in the 50-hour SMA near 1,820.00 and the 1,825.00 mark, before approaching the 1,828.45 level and the 1,830.00/1,831.70 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.

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