Gold analysis: Trades below 1,800.00

Dukascopy Bank Team Dukascopy Bank SA

Gold

After testing the resistance of the 1,810.00 level, the price for gold began a decline on Tuesday. By 15:00 GMT, the decline had shortly traded below the 200-hour simple moving average near the 1,785.00 level.

Meanwhile, the price had passed the supporting line of the previously broken channel-up pattern. In addition, note that the previous week's support levels have been marked on the chart.

If the metal continues to decline, it would have to clearly pass the support of the 200-hour simple moving average at 1,785.70. Afterward, the October 21 low levels at 1,766.60/1,779.20 zone might act as support.

Meanwhile, a potential surge of the metal's price might find resistance in the 55 and 100-hour simple moving averages at 1,792.76 and the 1,800.00 level.

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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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