Gold declines below support levels

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


The price for gold has passed below the support of the 100 and 200-hour simple moving averages and the 1,784.20/1,786.00 range. However, during late Monday's trading, support was found in the 1,780.00 level and the price retraced back above 1,785.00, as it ignored technical levels. The metal is ignoring technical, as the market expects the publication of the US Consumer Price Index and US Federal Funds Rate.

A surge of the metal could encounter resistance in the 1,795.00 and 1,800.00 levels, before approaching the 1,803.30/1,809.90 range, which has continued to act as resistance.

On the other hand, a decline of the price might look for support in the 1,763.55/1,766.15 zone.
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