Gold extends decline

Source: Dukascopy Bank SA


As the US Dollar continues to strengthen, the price for gold has declined. The USD has been strengthening due to risk on sentiment increasing after tensions in the middle east did not escalate. Meanwhile, the talk of rising inflation in the US has been continuing, as pressure increases on the US Federal Reserve to tighten policy.

An extension of the decline could look for support in the 2,320.00 level, before the commodity reaches the 2,300.00 mark.

On the other hand, a recovery of the metal might face resistance in the 2,360.00 level and the 200-hour simple moving average above it.
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