GOLD Recovers On Thursday

The support of the zone near the 1,680.00 level eventually caused a surge. It resulted in a surge, which by the middle of Thursday’s trading hours had reached the 1,720.00 level. In the meantime, note the resistance cluster above the 1,721.00 level. The March 23 to 30 low level zone together with the 200-hour simple moving average had turned into a resistance.

If the resistance zone does not hold, the commodity price could reach for the resistance of the zone near 1,745.00, which kept the metal down during the middle of March.

On the other hand, if the resistance holds, a decline should occur. A potential decline could step by step reach the support at 1,680.00.