Gold reveals support zone

Source: Dukascopy Bank SA


Gold has revealed that it respects the range between 1,970.00 and 1,975.00 as support. Meanwhile, the 50 and 100-hour simple moving averages have acted as resistance. On Monday, the moving averages were approaching the price from above, as the metal continued to find support in 1,975.00

A move of the price above 1,990.00 and the moving averages might encounter resistance in the 2,000.00 mark and the 2,000.00/2,010.00 range. Higher above, note that round price levels acted as resistance and support during the first half of April.

On the other hand, a decline of the commodity price would have to reach below 1,970.00, before approaching the February and January high levels at 1,960.00 and 1,949.00.
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