Gold recovers after US employment

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The better than expected US Employment data caused a drop of the price for gold below the support zone at 1,771.30/1,773.10. However, after two hours, the commodity price recovered above the zone and started to use it as support. On Monday, the price started a broad recovery and reached as high as the 1,790.00 level.

A move above 1,790.00 could encounter resistance in the last week's high at 1,795.00, prior to reaching the 1,800.00 mark. Higher above, take into account the 1,810.00/1,815.00 zone, which captures the support and resistance of late June and early July.

In the meantime, a decline of the commodity price is set to look for support in the 1,780.00 level, before approaching the 1,771.30/1,773.10 range.
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