Gold analysis: Recovers to trade above 1,800.00

Gold

At mid-day on Monday, the price for gold broke the resistance of the 1,800.00 mark and shortly traded above this level. However, the surge was stopped and reversed by the 100-hour simple moving average at 1,802.65.

If the price for gold continues to decline, it could look for support in the 1,790.00 mark. Further below, the 1,785.00 level and the zone above it, might stop depreciation of the price.

Meanwhile, a surge of the pair would most likely find resistance at the 1,800.00 level and the 100 and 200-hour simple moving averages near 1,802.65 and 1,806.85.

XAUUSD