Gold fails at another test of 2,000.00

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Source: Dukascopy Bank SA


Gold spiked on Monday. However, the spike was followed by a drop back to previous levels. On Tuesday, the price continued to trade between 1,980.00 and 1,990.00. In general, the situation remains unchanged since April 19, as the commodity price waits for the US Federal Reserve rate hike.

A recovery of the metal's value might encounter resistance in the 2,000.00 mark and the 2,000.00/2,010.00 range. Higher above, note that round price levels acted as resistance and support during the first half of April.

A decline of the commodity price would have to reach below 1,970.00, before approaching the February and January high levels at 1,960.00 and 1,949.00.
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