Gold respects 200-hour SMA

Source: Dukascopy Bank SA


The price for gold has encountered resistance in the 200-hour simple moving average, which has pushed the commodity price down. On, Tuesday, the rate was approaching the 2,300.00 level that is expected to act as support.

A move below 2,300.00 could look for support in early April's support and resistance zones near 2,265.00 and 2,225.00.

On the other hand, a recovery of the metal would have to break above the 50, 100 and 200-hour simple moving averages. Meanwhile, note the resistance of the 2,320.00, 2,340.00 and 2,360.00 levels.
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