Gold passes prior high levels

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Source: Dukascopy Bank SA


The price for gold has finally hit the 2,500.00 mark. The commodity reached the new high level by breaking the resistance ranges of prior high levels that had kept the price down since August 11. However, note that the 2,500.00 mark is acting as resistance. The round price has caused a decline, which resulted in the metal looking for support in the 2,475.00/2,480.00 range.

A move below the 2,475.00 level could find support in the 2,450.00 mark, before the price reaches the support of the 2,435.00/2,440.00 zone. In addition, note that the 50, 100 and 200-hour simple moving average might once again impact the price.

On the other hand, a recovery of the price is expected to face the 2,500.00 mark's resistance.
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