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At mid-day on Thursday, the yellow metal broke the resistance of the 1,970.00 mark. The event occurred due to the release of the US Consumer Price Index at 12:30 GMT. In the meantime, it was spotted that the rate was respecting the support of the 50-hour simple moving average near 1,950.00.
Due to the breaking of the 1,970.00 mark, from a technical analysis perspective, the price for gold should continue to gain. Most likely, round price levels are set to slow down a potential surge, until the 2,000.00 mark is reached.
However, a decline of the metal is bound to look for support in the 1,960.00 and 1,950.00 levels and the 50-hour simple moving average.
Tue, 12 Apr 2022 14:05:29 GMT
Source: Dukascopy Bank SA
At mid-day on Thursday, the yellow metal broke the resistance of the 1,970.00 mark. The event occurred due to the release of the US Consumer Price Index at 12:30 GMT. In the meantime, it was spotted that the rate was respecting the support of the 50-hour simple moving average near 1,950.00.
Due to the breaking of the 1,970.00 mark, from a technical analysis perspective, the price for gold should continue to gain. Most likely, round price levels are set to slow down a potential surge, until the 2,000.00 mark is reached.
However, a decline of the metal is bound to look for support in the 1,960.00 and 1,950.00 levels and the 50-hour simple moving average.