Gold is below support zone

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Source: Dukascopy Bank SA


The price for gold started the week with a decline below the 1,785.00 level and the zone which captures last week's low levels, and the 200-hour simple moving average. By the middle of the day's European trading, the commodity price had reached the 1,775.00 level.

A continuation of the decline of the price of gold could find support in the 1,765.10 level, which acted as support during early trading of August. Further below, note the 1,745.00/1,755.00 zone.

On the other hand, a surge of the price might encounter resistance in the 1,785.00 mark, prior to reaching the 1,800.00/1,807.50 zone.
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