Gold trades between 1,970.00/1,980.00

Source: Dukascopy Bank SA


Since mid-Tuesday, the price for gold has fluctuated between a support zone at 1,965.70/1,970.00 and resistance at 1,978.50/1,982.00. Meanwhile, the 50-hour simple moving average had caught up to the price. However, the SMA did not provide either support and resistance.

If the commodity price reaches above 1,982.00 and continues to surge, it might eventually reach the 2,000.00 mark. Note that round price levels are set to act as support and resistance.

On the other hand, a potential decline would have to pass the 1,965.70/1,970.00 zone. Further below, note the 1,950.00 mark and the 100-hour simple moving average at 1,960.00.
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