Gold waits near 2,030.00

Source: Dukascopy Bank SA


The price for gold remains near 2,030.00, as markets wait for the publication of the US Consumer Price Index on Thursday at 13:30 GMT. Meanwhile, resistance is at 2,040.00, support is at 2,025.00 and the 50 and 100-hour simple moving averages fail to impact the price.

A surge of the commodity price is set to face the 2,050.00 level and the zone that is marked around it. Meanwhile, note the descending 200-hour simple moving average. Higher above, the 2,060.00 level might act as resistance, before the price reaches the high level zone near 2,075.00.

In the case of a decline of the metal's price, the 2,020.00 and 2,010.00 levels are set to act as support. All of them have shown to be capable of impacting the price. It is clear that gold traders set their orders around round levels.
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