Gold approaches 2,300.00 level

Source: Dukascopy Bank SA


The price for gold has failed to show a broad recovery, as fundamentals beat it down on June 21. By June 26, the price was heading back to the 2,300.00 mark.

The ongoing decline might look for support in the 2,300.00 mark. However, a failure of this level to hold is not bound to result in a broad decline. The 2,290.00 and 2,280.00 levels have shown to be capable of reversing a decline of the commodity price.

In the case of a sudden price recovery, note that the 50, 100 and 200-hour simple moving averages could act as resistance. The SMAs have shown to be capable of impacting the rate in environments with no fundamental events. Above the SMAs, note the resistance of the 2,340.00 level.
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