Gold retreats below 2,060.00

Source: Dukascopy Bank SA


At the end of the year US firms book losses on assets to reduce their annual profit and taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting the USD value.

As a result of the Dollar's surge, the price for gold has retreated below the 2,060.00 level.

An extension of the ongoing decline is expected to find support in the 2,050.00 mark and the 200-hour simple moving average. Below 2,050.00, the 2,040.00 level and the 2,044.75/1,047.75 and 2,027.15/2,030.00 ranges are capable of acting as support.

However, a recovery of the metal is expected to face the 100-hour simple moving average together with the 2,068.50/2,070.50 range. Higher above, the 2,075.00 level and the 50-hour simple moving average could slow down a surge, before the 2,084.35/2,088.30 zone is reached.
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