Gold trades below 1,700.00

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Source: Dukascopy Bank SA


The better than expected US employment data has caused a surge of the US Dollar, which has resulted in a decline of commodity prices. By 09:00 GMT on Monday, the price for gold had reached the 1,680.00 level and the 1,685.00 level together with the 200-hour SMA were acting as resistance.

An extension of the ongoing decline of gold could find support in the 1,660.00 and 1,640.00 levels, before reaching the September low levels near 1,620.00.

On the other hand, a price recovery of the commodity would have to break the resistance of the 1,685.00 level and the 200-hour simple moving average. Higher above, the 1,700.00 mark is expected to act as resistance.
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