At mid-day on Tuesday, the price for gold reached below the 1,800.00 level. During early Wednesday’s trading, the rate was fluctuating in the 1,795.00/1,800.00 range. It could be observed that round price levels were impacting the metal.
If the metal manages to pass the resistance of the 1,800.00 level, a surge could find resistance in the 200-hour simple moving average near 1,810.00 and the 55 and 100-hour simple moving averages near 1,815.00.
Meanwhile, a decline below the 1,795.00 level might look for support in round price levels. For example, throughout August the 1,785.00, 1,780.00 and 1,775.00 levels served as support.
