Gold reveals new support range

Source: Dukascopy Bank SA


The price of gold passed all marked support levels and a broader decline was expected. However, the price once again has found support in the 2,470.00 level. A zone has been marked near this level.

On Thursday, the price had recovered and returned above the 2,500.00 mark. It was assumed that the rate could soon reach the 2,530.00 high level zone.

A move above the 2,530.00 high level range would result in the metal once again booking new all-time high levels. In this case, round price levels like the 2,550.00 mark might act as resistance.

In the case of a decline of the commodity price, the rate might look for support in the spread out 50, 100 and 200-hour simple moving averages spread out around the 2,500.00 mark. If these levels fail, gold might once again look for support at 2,470.00.
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