Gold reveals new support zone

Source: Dukascopy Bank SA


The price of gold has once again failed to pass above the all-time-high level range near 2,530.00. The price has bounced off the resistance and revealed a new support range at 2,485.00. This range has caused a recovery of the metal up to 2,500.00.

A move of the metal above 2,500.00 and the 50 and 200-hour simple moving averages might result in the metal once again testing the 2,530.00 level.

On the other hand, a decline of the price is set to look for support in the 2,485.00 and 2,470.00 levels.
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