Gold drops on Tuesday

Source: Dukascopy Bank SA
Gold dropped on Tuesday morning down to the support of the hourly simple moving averages near 1,555.00. During the morning hours, Dukascopy Analytics did not see a clear reason for the drop in news agency news flows. 

In the meantime, from a technical analysis perspective, the rate has the support of the 200-hour SMA holding it up. If the 200-hour SMA manages to cause a surge, the rate would test the 55-hour SMA at 1.558.77. 

On the other hand, if the 200-hour SMA fails, the metal's price would have no technical support as low as the monthly pivot point at 1,544.31.
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