Gold fluctuates at 1,920.00/1,930.00

Source: Dukascopy Bank SA


The price for gold has been fluctuating between two zones throughout the US market closure on July 4. Support is found at 1,919.75/1,922.60. Resistance is provided by the 1,930.40/1,932.25 range. It was previously observed that the 1,930.00 mark acts as resistance. However, it has been continually pierced.

A move above 1,932.25 might be slowed down by the 1,935.00 mark. Although, it has been the case that the 1,940.00 level has been impacting the commodity price. Higher above, the 1,950.00 mark is bound to act as resistance.

On the other hand, a decline might not reach the 1,919.75/1,922.60 range, as the 50-hour simple moving average has moved above it. The SMA strengthened the 1,910.00 level and was one of the causes for the Monday's surge. In the case of the pair moving below the SMA and the 1,919.75 level, the 100 and 200-hour simple moving averages might act as support near 1,917.00.
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Thu, 06 Jul 2023 08:27:52 GMT

EUR/USD reaches support zone

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