After encountering resistance at the 1,810.00 level, the price for gold began a decline. On Wednesday, the decline had reached the 1,792.40/1,795.60 support zone. Since reaching the zone, the commodity price has been trading sideways in it.
In the case of a recovery, the price for gold would most likely make another attempt at passing the 1,810.00 level before aiming at the previous July and August high levels near 1,830.00.
Meanwhile, a decline of the price below the mentioned support zone would look for support in the 200-hour simple moving average near 1,785.00 and round price levels.
