Gold finds support

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


The decline from the 2,450.00 level was larger than any short sellers expected, as on Friday the price was below 2,330.00. However, this week, the metal started to recover, as the short selling did not continue further below 2,330.00.

An extension of the ongoing recovery is set to face resistance in round price levels, as they have been impacting the metal on its way down. In addition, the 100 and 200-hour simple moving averages could act as resistance, before the 2,400.00 is reached once again.

In the case of the metal resuming the prior decline, the 2,330.00 level might act as support, prior to the price declining to 2,300.00
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