Gold analysis: Reaches above 1,800.00

(July 26) On Monday morning, the yellow metal traded above the 1,800.00 level. Meanwhile, support was being provided by the combination of the 100-hour simple moving average and the 1,805.00 level. Resistance was being found in the 1,810.00 level and the 200-hour simple moving average.

If the rate breaks resistance near 1,810.00, the price of the metal could test the upper trend line of a channel down pattern near 1,813.00. Afterwards, the bullion could reach for the late July high level at 1,825.00.

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