Gold decline approaches 2,600.00

Source: Dukascopy Bank SA


Gold declined after the US elections. By mid-Monday, the decline had almost reached the 2,600.00 mark, as a recovery started. However, the recovery was facing the resistance of the 2,620.00 mark.

In the near term future, the metal is expected to extend the decline and look for support in the 2,590.00/2,600.00 range. If this range fails, the commodity price might find support in the 2,570.00 and 2,560.00 levels.

Note that a potential recovery of the metal's price above the resistance range near 2,620.00 is expected to face resistance in the 2,640.00 level. Higher above, note the 50 and 100-hour simple moving averages that are descending near 2,680.00.
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