Gold declines below 1,700.00

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Source: Dukascopy Bank SA


During the second part of Wednesday's trading hours, the price for gold declined below the 1,697.40/1,700.70 zone. During the first half of Thursday's trading, the price was steadily declining, as by 09:00 GMT the 1,685.00 level was reached.

In the case of the commodity price continuing to decline, gold could eventually reach the 2021 low level at 1,670.50. However, take into account that round price levels might once again act as both support and resistance levels.

On the other hand, a recovery of the bullion is expected to encounter resistance in the 1,697.40/1,700.70 zone. Higher above, the 50 and 100-hour simple moving averages near 1,705.00 might act as resistance.
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