Gold is back below 2,000.00

Source: Dukascopy Bank SA


The price for gold had already started a decline, as the US employment data was released on Friday. The higher than expected data sets caused a surge of the value of the USD, which in turn caused a drop of the price for gold. Eventually, the price found some support near the 2,000.00 mark, but an attempted recovery failed at the 2.007.45/2.012.75 range.

On Monday, the decline continued, as the commodity price reached below the 1,990.00 and 1,980.00 levels. In general, the price could either consolidate until the hourly simple moving averages catch up or continue to decline.

A consolidation of the commodity price might result in the metal trading flat around 1,980.00 or a retracement back up to the resistance of the 1,990.00 level or the 2,000.00 mark.

In the case of an extension of the decline, support might be found in 1,970.00 or 1,950.00 levels.
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