Gold consolidates at 2,040.00/2,050.00

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Source: Dukascopy Bank SA


Since reaching the 2,050.00 mark, the price for gold has remained below it, as the price appears to be consolidating in the 2,040.00/2,050.00 range. From a fundamental perspective it is explained by the strengthening of the US Dollar that was caused by the publication of the US GDP data.

In the near term future, the price could surge due to the additional support of the 50-hour simple moving average. The SMA could force the metal to move through the 2,050.00 mark and test the 2,060.00 level.

However, a decline below the SMA could plummet to the 100-hour SMA near 2,025.00, unless the 2,030.00 mark turns into support.
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