Gold reaches above 1,950.00

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


On Monday, the price for gold surged above the 1,950.00 mark and reached the 1,970.00 level. The 1,970.00 level acted as resistance and caused a retracement back down. By 15:00 GMT, the metal had returned to trade below the 1,950.00 level.

If the decline of the commodity price continues, the metal might look for support in the 1,940.00 mark and the 50-hour simple moving average. Below these levels, note the trend line, which connects the late-March and early April low levels. In addition, the trend line is being supported by the 100 and 200-hour simple moving averages.

However, a resumption of the surge is set to encounter resistance at 1,950.00 and 1,970.00, before returning to 2,000.00.
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