Gold trades below 2,400.00

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


The price for gold found support on Monday and recovered. However, the 2,400.00 mark and prior high level range is acting as resistance. Meanwhile, it has been observed that the ascending 200-hour simple moving average has acted as support and caused the most recent push up to 2,400.00.

A move above 2,400.00 is expected to result in a surge to the 2,430.00 level, which marks the commodity price's all-time-high level. Higher above, the 2,450.00 level might turn into resistance.

In the case of a decline, the metal would look for support in the 200-hour simple moving average and the 2,355.00/2,360.00 range. Below these levels, note the 2,333.75/2,338.40 and 2,320.00/2,325.00 ranges.
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