Gold bounces off 1,950.00

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


Gold has continued to test the 1,950.00 mark and the upper trend line of the channel up pattern. However, the release of the US monthly employment data strengthened the US Dollar on Friday at 12:30 GMT. The event resulted in the metal's price declining as low as 1,935.00 by 15:00 GMT.

If the commodity price declines below 1,935.00, the 1,930.00/1,932.25 range is expected to act as support. Further below, note the lower trend line of the channel up pattern and the combination of the 200-hour simple moving average and the 1,920.00/1,923.00 range.

In the case of a price surge, the 1,940.00 level could turn into resistance, before the 1,950.00 would be tested once again.
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