Gold approaches 2,600.00

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


The price of gold has passed more support levels. On Wednesday, the metal fluctuated near the 2,600.00 mark. It appeared that the 2,605.00 and 2,610.00 levels were providing support, as the 2,625.00 mark acted as resistance.

In the near term future, the commodity price will reveal its direction after the Thursday's US CPI release. As the Dollar picks a direction, so should the price of gold.

If the metal declines below the 2,590.00/2,600.00 range, the 2,570.00 and 2,560.00 levels could act as support, before the 2,650.00 mark is reaches.

However, in the case of a potential surge of the price, the metal would have to break the combined resistance of the 2,625.00 level and the 50-hour simple moving average. Higher above, note the 2,640.00 level and the 100 and 200-hour simple moving averages.
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