Gold trades below 1,830.00

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Source: Dukascopy Bank SA


The US CPI caused gold price volatility, which occurred in the 1,822.10/1,842.10 range. As the markets calmed down and took in the fundamental news, the price for gold retreated to trade below the 1,830.00 mark. At mid-day on Friday, the commodity price was located between support of the 1,825.00 mark and the 100-hour simple moving average and the resistance of the 1,830.00 level and the 50-hour simple moving average.

A passing above the 1,830.00 mark could result in the rate first testing the 1,835.00 level, before the pair reaches the 1,850.00 mark. However, note that other round price levels might stop a surge.

On the other hand, a decline below 1,825.00 could result in the price reaching the 1,815.00 level and the 200-hour simple moving average.
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