Gold moves due to fundamentals

Source: Dukascopy Bank SA


Initially, gold dropped due to it being revealed that the Chinese central bank is no longer buying up the metal to keep in reserves. The Chinese had been buying for 18 months straight. Then on June 07 it was revealed that the US Labor market is doing better than expected, which indicates that the US central bank can keep the US Dollar strong for longer. This resulted in the metal dropping almost 100 dollars from levels near 2,400.00 down to 2,300.00.

An extension of the decline below 2,300.00 is expected to look for prior support and resistance levels at 2,280.00 and 2,230.00, before the 2,200.00 mark is reached. However, take into account that the 2,250.00 could also turn into support.

If the metal's price recovers, resistance could be encountered in the 50, 100 and 200-hour simple moving averages near 2,350.00. Higher above, note that the 2,390.00/2,410.00 range is resistance.
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