Gold Analysis: breaks resistance levels

Dukascopy Bank Team Dukascopy Bank SA

Gold

On Friday, gold's price broke off the hourly simple moving averages. On Monday, there was a surge that started when the rate bounced off the support of the 200-hour SMA.

In general, the pair had no technical resistance as high as the pivot point at 1,570.00. In theory, the price should reach for this level.

On the other hand, the rate could trade sideways, as it waits for the support of the SMAs to push it higher.

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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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