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Despite breaking above the 1,920.25/1,923.00 range, the price for gold has not booked major gains, as it encountered resistance in 1,925.00. The resistance was enough to cause a decline of the commodity. By mid-Tuesday, the price had pierced the 50 and 100-hour simple moving averages and touched the 1,915.00 mark.
A move below 1,915.00 could look for support in the lower trend line of the channel up pattern that has guided the commodity up since August 20. Below the trend line, note the 1,910.25 level and the combination of the 200-hour simple moving average and the 1,902.50/1,904.90 range.
In the case of the commodity price recovering resistance is expected to be encountered at 1,920.00/1,923.00 and 1,925.00. Higher above, the 1,930.00/1,932.25 range is set to once again impact the price.
Tue, 29 Aug 2023 13:27:03 GMT
Source: Dukascopy Bank SA
Despite breaking above the 1,920.25/1,923.00 range, the price for gold has not booked major gains, as it encountered resistance in 1,925.00. The resistance was enough to cause a decline of the commodity. By mid-Tuesday, the price had pierced the 50 and 100-hour simple moving averages and touched the 1,915.00 mark.
A move below 1,915.00 could look for support in the lower trend line of the channel up pattern that has guided the commodity up since August 20. Below the trend line, note the 1,910.25 level and the combination of the 200-hour simple moving average and the 1,902.50/1,904.90 range.
In the case of the commodity price recovering resistance is expected to be encountered at 1,920.00/1,923.00 and 1,925.00. Higher above, the 1,930.00/1,932.25 range is set to once again impact the price.