Gold reaches below 1,785.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Friday, at 13:30 GMT, the price for Gold increased volatility due to the US monthly employment data showing contradicting information, as less jobs were found, salaries rose and unemployment rate decreased. The price for gold fluctuated between the 1,785.00 and 1,795.00 levels. However, both resistance and support were shortly pierced, indicating at their weakness.

After the release, the price for gold returned to trade near the 1,790.00 mark. Due to that reason both decline and surge were still possible scenarios.

If the price for gold surges, it could find some resistance in the 1,795.00 mark, before aiming at the 1,800.00 level and the 50-hour SMA. Higher above the 100 and 200-hour SMAs were located at 1,805.00 and 1,808.00.

Meanwhile, a decline of the price might look for support in the 1,785.00 level. Further below, there is no technical support. Due to that reason, round price levels could act as support.
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