Gold faces resistance at 1,920.25/1,923.00

Source: Dukascopy Bank SA


The breaking of the 1,905.00 level's resistance resulted in a surge to the 1,920.00 level and the 1,920.25/1,923.00 range's resistance. By late Thursday's trading, the resistance continued to hold.

Meanwhile, the 50-hour simple moving average was catching up to the rate and could push the rate through the resistance range. A move above 1,923.00 could be slowed down by the 1,925.00 level, before the price reaches the 1,930.00/1,932.25 resistance zone would be reached.

On the other hand, a decline of the price below the 50-hour simple moving average would result in the metal looking for support in the 1,910.25 level. Below this level, the metal might find support in the 1,902.50/1,905.00 range.
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