Gold tests resistance zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


[ANNOUNCE]In regards to the near term future, the metal's price was expected to once again test the resistance of the 1,895.00/1,907.00 zone. In the case of this resistance failing, the pair would find resistance in round price levels. For example, the 1,920.00 level could provide resistance, as it did in October. [/ANNOUNCE]

On the other hand, a bounce off from the resistance would once again look for support. The support could be provided by the 55, 100 and 200-hour simple moving average in the 1,880.00/1,870.00 area.

If the SMAs fail to push the price up, the 23.60% Fibonacci retracement level at 1,860.60 could keep the rate up.

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