Gold found resistance in the 1,910.00 mark once again, during early hours of Wednesday’s trading. By the middle of the day’s trading, the commodity price had reached below the 1,900.00 level. In addition, the price had passed the support of the 55, 100 and 200-hour simple moving averages.
In the near term future, the price was heading to the support zone at 1,888.20/1,889.40. This zone consists of late May low levels, which kept the commodity price up. Moreover, this zone provided resistance on May 19 and 21.
If the support zone holds, the price could once again reach for the 1,910.00 level and attempt to pass it. On its way up, the price would most likely encounter some resistance in the 55, 100 and 200-hour simple moving averages.
On the other hand, a potential decline would most likely look for support in round price levels.
