The resistance of the simple moving averages managed to force gold prices lower. The descent had almost reached the 1,200.00 level by the middle of Friday’s trading session.
However, the commodity price was still set to face various support levels below it properly touches the psychologically significant 1,200.00 level.
The lower trend line of a dominant pattern on Friday was located just above the 1,204.00 mark. In addition, the first monthly support pivot point level is located at the 1,202.25 mark.
