Gold finds support in 1,970.00

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


Gold failed to properly reach above 2,000.00 and started a decline that eventually found support in the 1,970.00 mark. On Thursday, it was spotted that the commodity price was respecting the resistance of the 1,990.30/1,997.15 zone.

If the price manages to break above 1,990.30/1,997.15, the 2,000.00 and 2,010.00 levels are expected to once again act as resistance. Higher above, take into account the 2,040.00 and 2,048.20 levels that have shown to be capable of impacting the metal. However, note that another round price level could turn into resistance.

In the case of a resumption of the commodity price, the 50 and 200-hour simple moving averages could slow down a decline. Afterwards, note that the 1,980.00 and 1,970.00 levels are capable of acting a support.
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