Gold has support from the 2,500.00 mark

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Source: Dukascopy Bank SA


This week, the metal's price has made two attempts to pass the 2,530.00 level. Both attempts failed. Meanwhile, it was spotted that the hourly simple moving averages are failing to impact the metal. However, the commodity price keeps finding support near 2,500.00.

A breaking above the 2,530.00 level is expected to be slowed down by round price levels, as the price has never been this high.

In the meantime, a decline of the price is set to look for support in the 2,500.00 level. In addition, the 50, 100 and 200-hour simple moving averages, if combined, could act as support.
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