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Since Monday, the metal's price has made four attempts to pass the 2,530.00 level. The attempts failed. Meanwhile, it was spotted that the hourly simple moving averages are failing to impact the metal. However, the commodity price keeps finding support near 2,500.00.
The prior potential scenario descriptions remain valid.
A breaking above the 2,530.00 level is expected to be slowed down by round price levels, as the price has never been this high.
In the meantime, a decline of the price is set to look for support in the 2,500.00 level. Meanwhile, the rate has easily passed the combination of the 50 and 100-hour simple moving averages at 2,515.00 and the 200-hour SMA at 2,510.00.
Fri, 30 Aug 2024 15:29:52 GMT
Source: Dukascopy Bank SA
Since Monday, the metal's price has made four attempts to pass the 2,530.00 level. The attempts failed. Meanwhile, it was spotted that the hourly simple moving averages are failing to impact the metal. However, the commodity price keeps finding support near 2,500.00.
The prior potential scenario descriptions remain valid.
A breaking above the 2,530.00 level is expected to be slowed down by round price levels, as the price has never been this high.
In the meantime, a decline of the price is set to look for support in the 2,500.00 level. Meanwhile, the rate has easily passed the combination of the 50 and 100-hour simple moving averages at 2,515.00 and the 200-hour SMA at 2,510.00.