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The price for gold remains in the range near the 1,720.00 level. On Monday morning, the pair bounced off the support of the 100 and 200-hour simple moving averages and started a surge. Prior to the event, the commodity price broke the support of the ascending channel pattern, which guided the last week's recovery.
If the price for gold surges, expect it to encounter resistance in the 1,730.00 mark, prior to reaching the levels near 1,750.00. The 1,730.00 has acted as resistance throughout September.
On the other hand, a decline below the simple moving averages could look for support in previous low levels at 1,705.00, 1,700.00 and 1,690.00.
Mon, 12 Sep 2022 08:40:27 GMT
Source: Dukascopy Bank SA
The price for gold remains in the range near the 1,720.00 level. On Monday morning, the pair bounced off the support of the 100 and 200-hour simple moving averages and started a surge. Prior to the event, the commodity price broke the support of the ascending channel pattern, which guided the last week's recovery.
If the price for gold surges, expect it to encounter resistance in the 1,730.00 mark, prior to reaching the levels near 1,750.00. The 1,730.00 has acted as resistance throughout September.
On the other hand, a decline below the simple moving averages could look for support in previous low levels at 1,705.00, 1,700.00 and 1,690.00.