Gold looks for support near 1,620.00

Source: Dukascopy Bank SA


The price for gold eventually encountered resistance in the combination of the 1,645.00 level, the 100-hour simple moving average and the upper trend line of a channel down pattern. The resistance forced the price into retreating down to the 1,615.00/1,622.00 zone. he support zone appeared to have caused another recovery.

A recovery of the metal might be stopped by the 50-hour simple moving average and the 1,630.00 level. Higher above, note the upper trend line of the channel down pattern and the 100-hour simple moving average.

If the commodity price declines, it would have to reach below the 1,615.00 level, before reaching the 1,600.00 mark.
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