Gold reaches below 1,900.0 and 1,895.00

Source: Dukascopy Bank SA


Gold has extended its decline. For a short period, the 1,900.00 mark held, but eventually the commodity declined as low as 1,890.00.

Next target for the price decline is the lower trend line of the channel down pattern. Although, it is highly likely that the price will reveal new support levels near round prices.

Meanwhile, a recovery of the metal's value would face resistance at 1,895.00, 1,900.00 and the 1,905.00 levels. In addition, note the upper trend line of the channel down pattern.
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