Gold recovery fails near 2,350.00

Source: Dukascopy Bank SA


Gold failed to reach the 2,360.00 level on Monday. It appears that the 2,350.00 level was strong enough to force the metal into a retreat. By mid-Tuesday, the commodity traded below the 2,330.00 level and the combined resistance of the 50 and 100-hour simple moving averages had stopped an attempted recovery.

The ongoing decline could look for support in the 2,320.00 level that acted as support during the prior week. Further below, note the 2,300.00 mark.

In the case of the price recovery, the 50, 100 and 200-hour simple moving averages are expected to act as resistance. In addition, note that the 2,350.00 and 2,360.00 have kept the price down for almost a week.
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