Gold analysis: Reaches 1,820.00 level

July 29, 2021

(July 29) On Wednesday, the Federal Reserve's monetary statement caused a drop, which tested the support zone below the 1,795.00 mark. The support zone held and the yellow metal's price started a surge, which passed the resistance of the 55, 100 and 200-hour simple moving averages and broke the upper trend line of a channel down pattern. By the middle of Thursday's trading, the rate had reached the 1,820.00 mark.

In the case that the price continues to surge, the metal could reach the resistance zone that surrounds the 1,825.00 mark. Above it, other round price levels could provide resistance.

On the other hand, a potential decline would look for support in the 1,810.00 level before reaching the 55, 100 and 200-hour simple moving averages.

FXStreet

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