Gold fails to move higher

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


In general, the price for gold found support in the 2,020.00 mark and once again tested the 2,030.00/2,040.00 range. The range held and another decline to 2,020.00 was taking place during the second part of Friday's trading.

The ongoing decline could find support at the following levels - 2,015.00, 2,010.00 and 2,005.00. All of these levels have acted as support and resistance in the past. The reason for it is simple. Traders set up their buys and sell orders at round levels. If all of these levels are passed, the price is set to look for support in the 2,000.00 mark.

On the other hand, a potential recovery is expected to face the combined resistance of the 50, 100 and 200-hour simple moving averages and the 2,030.00/2,040.00 range. If the resistance fails, the 2,045.00 and 2,050.00 levels are set to act as additional resistance.
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Thu, 15 Feb 2024 20:09:20 GMT

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