Gold confirms 1,900.00/1,905.00 as support

Source: Dukascopy Bank SA


The speech by Jerome Powell at Jackson Hole symposium created major volatility. The price for gold fluctuated between the support of the 1,902.50/1,905.00 zone and resistance of the 1,920.25/1,923.00 range. On Monday, the price was located near 1,915.00 and appeared to be consolidating before another test of the mentioned resistance range.

In general, previous future scenarios remain unchanged. A move above 1,923.00 could be slowed down by the 1,925.00 level, before the price reaches the 1,930.00/1,932.25 resistance zone.

On the other hand, a decline of the price below 1,915.00 could look for support in the 100-hour simple moving average and the 1,910.25 level. Further below, the 1,902.50/1,905.00 might once again act as support.
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