Gold reaches new low level

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


With the start of Monday's trading, the price for gold reached a new low level, as it shortly fluctuated below 1,630.00. The decline was attributed to the broader strengthening of the US Dollar, which was caused by the release of the UK fiscal budget and a run to the safety of the USD.

A potential recovery of the commodity price is expected to face resistance in the 1,650.00 mark, before reaching the 1,655.00/1,660.00 zone. In addition, the 50 and 100-hour simple moving averages might act as resistance.

On the other hand, a decline of the metal is expected to look for support in the Monday's low level near 1,627.00.
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