Gold respects 2,040.00 level's resistance

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


Gold has been observed to be respecting the resistance of the 2,040.00 mark and periodically the 50, 100 and 200-hour simple moving averages. Namely, it does not appear that an SMA can hold for longer than half-a-day.

On Thursday, the price bounced off the combination of the 2,040.00 and the 100-hour simple moving average. The subsequent decline was slowed down by the 50-hour simple moving average, but the SMA eventually failed and a decline continued.

The decline of the commodity price could look for support in the low level range at 2,009.85/2,012.50. Below this range, note that the 2,000.00 mark might turn into support.

On the other hand, a recovery of the metal would have to break through the moving averages and the 2,040.00 level, before approaching the 2,050.00 level's resistance.
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