Gold remains above 2,600.00

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


During the US CPI volatility, the price of gold almost touched the 2,600.00 mark. However, the price recovered after the event and by Monday almost hit the 2,670.00 level. However, a decline occurred during midday as the surge appeared to be overextended.

A potential further decline of the commodity price would have to pass below the 2,640.00 level and the combination of the 50 and 200-hour simple moving averages. Further below, note the 100-hour simple moving average and the 2,625.00 level. These levels could act as support, before the rate approaches the 2,600.00 mark.

On the other hand, a recovery of the metal would have to break the 2,670.00 mark and the 2,685.00 level. If these levels fail, the metal might reach the 2,700.00 level.
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