Gold shortly pierces support range

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


On Monday morning, the price of gold shortly traded below the support range that surrounds the 2,500.00 mark. However, by midday, the price was back to fluctuating around the round price level.

If the price recovers, it is expected to face the resistance of the 50, 100 and 200-hour simple moving averages that are together located at the 2,510.00 mark. Higher above, the metal will face the all-time-high level range near 2,530.00.

On the other hand, a decline of the price is expected to look for support in the 2,478.80/2,484.00 range and the 2,470.00 mark.
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