Gold shortly reaches below 1,900.00

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Source: Dukascopy Bank SA


The price for gold shortly reached below the 1,900.00 mark on Wednesday morning. The commodity price eventually started a recovery.

The recovery of the price for gold could once again test the resistance zone near 1,930.00. However, take into account that the 1,920.00 level has acted as short term resistance.

On the other hand, a potential decline of the commodity price would look for support in the 1,910.00 level, the 50 and 100-hour simple moving averages, before reaching the 1,896.50/1,901.50 range. Below the support range, note the 200-hour simple moving average.
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