On Thursday, volatility was caused by the release of the US Advance GDP. During the volatility, the price for gold once again confirmed the 1,810.00 level as a resistance level. The following decline passed the 55 and 100-hour simple moving averages. By mid-Friday, the price had almost reached the 200-hour SMA at 1,790.20.
A surge of the metal’s price could once again test the resistance of the 1,810.00 level, before aiming at the resistance of the summer high level at 1,830.00.
On the other hand, the price for gold might look for support in the 200-hour SMA. Below the SMA, a trend line, which connects this week’s low levels could provide support.
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