Gold reaveals new support levels

Source: Dukascopy Bank SA


The price for gold has declined and revealed that it respects the support of the 1,960.00 mark and the 1,956.60/1,957.10 range. Meanwhile, the 1,970.00 level has turned from support into resistance, as it was keeping the price down.

A resumption of the broader decline of the commodity price would have to pass below the 1,960.00 level and the 1,956.60 level, before approaching the support of the 1,950.00 and 1,940.00 levels.

On the other hand, a recovery of the metal's price is expected to face the 1,970.00 mark and the 50-hour simple moving average. Higher above, note the 100-hour SMA and the 1,980.00 level.
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