Gold respects resistance at 2,020.00

Source: Dukascopy Bank SA


The price for gold has bounced off the combined resistance of the 2,020.00 level and the 100-hour simple moving average. By mid-Tuesday, the commodity had returned to trade in the 2,000.00/2,010.00 range. In general, previous forecast scenarios remain relevant.

A potential decline below 2,000.00 could look for support in round price levels until the price reaches the April low level zone at 1,969.15/1,974.00.

On the other hand, a surge of the commodity price might be stopped by the combination of the 2,020.00 mark and the 100 and 200-hour simple moving averages. Higher above, note the marked high levels that have acted as resistance during May.
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