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The price for gold managed to break off the 2,300.00 and show that it is heading higher. However, the surge eventually stopped at the 2,380.00 level. On Monday, the rate passed below the 2,360.00 level and the impact range near it. By mid-day, the price was finding support in the 2,333.75/2,340.00 range.
A resumption of the metal's surge is set to face the 2,355.00/2,360.00 range as resistance. Higher above, the 2,380.00 could slow down a surge, before the 2,400.00 mark is reached.
However, a decline below 2,333.75 is expected to find support in the 100-hour simple moving average, prior to the rate retreating to the 2,320.00 level and the 200-hour simple moving average.
Mon, 13 May 2024 11:44:14 GMT
Source: Dukascopy Bank SA
The price for gold managed to break off the 2,300.00 and show that it is heading higher. However, the surge eventually stopped at the 2,380.00 level. On Monday, the rate passed below the 2,360.00 level and the impact range near it. By mid-day, the price was finding support in the 2,333.75/2,340.00 range.
A resumption of the metal's surge is set to face the 2,355.00/2,360.00 range as resistance. Higher above, the 2,380.00 could slow down a surge, before the 2,400.00 mark is reached.
However, a decline below 2,333.75 is expected to find support in the 100-hour simple moving average, prior to the rate retreating to the 2,320.00 level and the 200-hour simple moving average.