Gold reaches above 2,000.00

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Source: Dukascopy Bank SA


As the Credit Suisse saga continued, markets ran to safety. Due to this reason, the price for gold reached above 2,000.00. However, since the event, the price appears to be consolidating, as it waits for the US Federal Reserve rate announcement on Wednesday at 18:00 GMT.

A decline of the US Dollar is set to result in resumption of the metal's surge. In this case scenario, the 2,000.00 mark would once again act as resistance.

On the other hand, a decline of the commodity price is set to look for support in previous resistance levels. Namely, the February and January highs are most likely going to keep gold up at 1,960.00 and 1,949.00. In addition, note the 100-hour simple moving average.
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