Gold looks for support

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


The price for gold has been recovering since the US revealed lower than expected inflation that in turn weakened the US Dollar's value. Recently, the price has approached levels close to the 2,000.00 mark. On Monday, the commodity price was trading around the 1,980.00 level.

The commodity price appears to be looking for additional support, before resuming its surge. The support could be found in the 1,970.00 mark and the 100-hour simple moving average. If these levels fail to push the price up, the 1,960.00 level and the 200-hour SMA could stop a decline, prior to the price reaching as low as 1,950.00.

In the case of a surge before finding support, the metal would need to reach above 1,980.00 and the 50-hour simple moving average and the 1,990.00 mark. Higher above, the 2,000.00 is bound to act as resistance.
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