Gold resumes decline

Source: Dukascopy Bank SA


Despite hosting a recovery at the end of the year, the price for gold has returned back below 2,060.00.

An extension of the ongoing decline is expected to find support in the 2,050.00 mark. 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 resistance in the 200-hour simple moving average and the 2,060.00 level. Higher above, take into account the 50 and 100-hour simple moving averages near 2,065.00 and 2,070.00.
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