Gold breaks resistance zone

Source: Dukascopy Bank SA


The price for gold was highly volatile during the recent interview of Jerome Powell. On Wednesday morning, the commodity price managed to reach above and confirm the 1,878.50/1,881.15 zone as support.

A move higher by the commodity price might encounter resistance in the 1,890.00 level and the 100-hour simple moving average, before reaching the 1,900.00 mark.

On the other hand, a decline of the price would look for support at 1,878.50/1,881.15 and the 50-hour simple moving average near 1,875.00. Further below note the low level zone at 1,859.75/1,862.50.
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