Gold approaches low level zone

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Source: Dukascopy Bank SA


On Friday, gold bounced off the 1,890.00 mark and started a decline. During the second part of Monday's trading, the price had already reached below the 1,860.00 level. In the near term future, a continuation of the decline could look for support in the May low level zone at 1,850.60/1,854.50.

If the price for gold declines below the 1,850.00 mark, the rate might continue to decline in the borders of the channel down pattern, which has guided the price's decline since the Federal Reserve rate hike.

However, a recovery of the metal is expected to encounter resistance in the 1,870.00 mark, which has recently acted as both resistance and support. Above the 1,870.00 level, take into account the 50, 100 and 200-hour simple moving averages and the upper trend line of the channel down pattern.
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Tue, 10 May 2022 11:15:55 GMT

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