Gold tests 2,340.00

Source: Dukascopy Bank SA


The 2,300.00 mark acted as support and the price for gold has managed to recover. The commodity has encountered some resistance in the 2,330.00 level, before approaching the 2,400.00 level. On Monday, the price was making its second attempt to reach above the 2,340.00 level. Meanwhile, the price ignored the 50, 100 and 200-hour simple moving averages.

A move above 2,340.00 is expected to face resistance in other round price levels. In mid-June, resistance was provided by the 2,345.00, 2,350.00 and 2,365.00 levels.

A potential decline of the price is expected to find support in 2,320.00. This level was showing to be capable of reversing short term declines.
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