Gold hits 2,000.00

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


The price for gold jumped on Monday, as the price shortly reached above the 2,000.00 mark and revealed a resistance zone. Meanwhile, the prior February high level at 1,975.00 appeared to be acting as support. The bullion is expected to consolidate between 1,975.00 and 2,000.00 levels.

In the meantime, note that the price broke the post Russian invasion of Ukraine channel up pattern by starting the week's trading above the pattern's resistance line.

If the consolidation of the metal's price is followed up by a surge, the metal could encounter resistance in round price levels until a pattern is formed.

Meanwhile, a decline of the price might look for support in the 50-day simple moving average near 1,960.00, the 1,950.00 mark and the 100-day simple moving average near the 1,940.00 level.
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