Gold touches 2,070.50 level

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Source: Dukascopy Bank SA


The price for gold has reached the 2020 high level zone at 2,050.00/2,075.00. The zone acted as resistance and caused a decline on Wednesday. Namely, the bullion's price retraced and almost reached the 2,000.00 level. Meanwhile, the support of the 50-hour simple moving average managed to hold for only one hour.

A decline of the price for hold would have to first pass below the 2,000.00 mark, which is expected to act as support. Further below, note the 100-hour simple moving average near 1,985.00 and the February high level zone at 1,975.00.

However, a resumption of the surge of the price is highly likely going to encounter resistance at 2,020.00 and 2,040.00, before approaching the 2,050.00/2,075.00 zone.
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