Gold confirms support at 2,015.00

Source: Dukascopy Bank SA


The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance.

The events caused a drop of the price of gold. Eventually, the decline stopped at the 2,015.00 level, which previously was not confirmed as support or resistance. On Tuesday, the price was testing the combined resistance of the 50 and 200-hour simple moving averages and the 2,030.00 level.

A move above 2,030.00 could result in the price facing the 2,035.00/2,040.00 range as resistance. Higher above, note the 2,050.00, 2,055.00 and 2,065.00 levels, which have acted as resistance.

If the commodity price declines, note that the 2,015.00, 2,010.00 and 2,005.00 are capable of providing support, before the price reaches the 2,000.00 mark.
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