Gold reaches below 1,650.00

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


On Friday, the US Dollar strengthened due to the major monetary easing being set to continue in Japan. As the Dollar index gained strength, the price for gold declined. By the middle of the day, the price had reached below 1,650.00.

An continuation of the decline is expected to find support in two zones. First one is the 1,639.60/1,642.00 zone. The second one is 1,615.20/1,621.65. However, round price levels might stop a decline, before 1,620.00 would be reached.

On the other hand, a price recovery could encounter resistance in the 50 and 100-hour simple moving averages, the 1,665.00, 1,670.00 and 1,675.00 levels. Higher above, note the mid-October high level zone at 1,682.50/1,683.85.
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