Gold drops to 1,975.00

Source: Dukascopy Bank SA


The price for gold has bounced off the 2,000.00/2,010.00 range and declined. By the middle of Wednesday's trading, the commodity price has reached the 1,975.00 level.

A continuation of the ongoing decline might look for support in the February and January high levels at 1,960.00 and 1,949.00.

Meanwhile, any potential recovery is set to face resistance in the 2,000.00/2,010.00 range and the 50, 100 and 200-hour simple moving averages near the range.
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