Gold encounters resistance in moving average

Source: Dukascopy Bank SA


As the value of the US Dollar continues to grow, the price for Gold extends its decline. During Thursday's trading hours, the price shortly traded below the 1,880.00 level, before retracing to the resistance of the 50-hour simple moving average near 1,893.00.

If the price for gold is pushed down by the 50-hour simple moving average, the commodity would look for support in round price levels, until it reaches the lower trend line of the channel down pattern near 1,850.00/1,860.00.

Meanwhile, a move above the 50-hour SMA is set to face resistance in the combination of the 1,900.00 mark, the 100-hour simple moving average, the resistance line of the channel pattern and the 1,907.50/1,911.30 zone.
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