Gold surge reaches 2,020.00

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Source: Dukascopy Bank SA


Despite shortly reaching below the support of the 1,975.00 mark on Monday, the metal surged on Tuesday and reached the 2,020.00 level. From a technical analysis perspective, the yellow metal's surge was attributed to the approaching support of the 50-hour simple moving average. During the mid-hours of Tuesday's trading, the price bounced off the 2,020.00 mark and confirmed the 2,000.00 level as resistance.

If the commodity price continues to surge, it would have to pass above the 2,020.00 mark, before reaching new high levels. Note that most likely round price levels are set to act as resistance. Eventually, the price could reach the 2020 high level zone at 2,050.00/2,075.00.

On the other hand, a potential decline is highly likely going to find support in the 2,000.00 mark and the 50-hour simple moving average near 1,985.00.
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