Gold returns to 2,400.00

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Source: Dukascopy Bank SA


The price of gold declined due to the broad asset sell off. However, the price eventually found support in the 2,370.00 level. By mid-Wednesday, it has once again returned to trade near 2,400.00.

A continuation of the ongoing recovery could encounter resistance in the 200 and 100-hour simple moving averages. In addition, the 2,420.00 level might impact the rate. Higher above, the 2,450.00 level might act as resistance, before the 2,480.00 level is reached.

On the other hand, a potential decline might look for support in the 2,390.00/2,400.00 range, prior to reaching the 2,370.00 mark.
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