Gold almost reaches 2,600.00

Source: Dukascopy Bank SA


The price for gold almost reaches the 2,600.00 mark on Friday. However, the price has clearly encountered resistance at 2,590.00. Meanwhile, support is found at 2,575.10/2,577.50. In general, the commodity is consolidating before making the next move.

A resumption of the surge is set to face the 2,590.00 level, before the price reaches the 2,600.00 mark, which is bound to act as strong resistance.

In regard to support, the 2,575.10/2,577.50 zone is set to be strengthened by the ascending 50-hour simple moving average. The SMA might push the rate up. Further below, note the lower trend line of a channel up pattern and the 2,570.00 and 2,560.00 levels.
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