Gold price finding support at the 40 day moving average
The gold price has found support at the 40 day moving average but seems unsure which way to break next.
Gold $:
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As you can see that level $1792 has now become so very strong overhead resistance that basically has been in place now for over a year. Last week and the week before the bulls would try to take the price above that level, but every time the gold price was pushed back down.
There’s probably a bit of frustration in this move lower this week, but we’re only talking about a couple of per-cent so in the scheme of things it barley registers. However it certainly has taken the wind out of the bulls’ sails.
Gold €:
(click for sharper image)
€ Gold has found some good support around the €1327 (the old monthly all time closing high).
Gold £:
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Should that $1740 level not hold up then the next level to watch for will be $1720 which will be a tough level for the bears to take gold through should we get there.
Related posts:
- Gold price falls to $1645 level – trading back below the 200 daily moving average
- Gold price retests the 150 daily moving average
- Gold price punches through its 200 daily moving average… but will it hold?
- Gold price up on the week but finding it tough going to break above $1680
- Gold price holding well above its 200 daily moving average as Spain regions keep calling for bailouts
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-finding-support-at-the-40-day-moving-average-8391/
Posted by Jason Cozens on Oct 18 2012. Filed under Gold News.
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