Gold almost reaches 2,400.00

Source: Dukascopy Bank SA


US employment data further weakened the US Dollar. The price for gold reacted to the news by surging and almost reaching the 2,400.00 mark. However, the resistance worked and the rate was descending and consolidating while looking for support. On Monday, the support appeared to be found in the 2,370.00 level and the 50-hour simple moving average.

A resumption of the surge could find resistance in the 2,390.00/2,400.00 range. Above this range, the metal could aim at the all-time-high level at 2,450.00. Meanwhile, a surge is expected to be slowed down by round price levels like the 2,410.0, 2,425.00 and 2,440.00.

In the case of a decline of the commodity price, it could look for support in the 100-hour simple moving average, before reaching the 2,350.00 level.
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