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The price for gold has bounced off a resistance range at 1,982.40/1,984.00. By mid-Tuesday, the commodity price had reached the 1,951.90/1,954.40 range.
A move below the 1,951.90/1,954.40 range might result in the metal's decline being almost being stopped by the 1,950.00 mark and the January high at 1,949.00. Further below, the 1,945.00 and 1,935.00 levels could stop a decline, as they have in late March.
Meanwhile, a potential recovery is expected to be slowed down by the February high at 1,960.00. The level recently acted as support and resistance, during Tuesday's early trading. A move above 1,960.00 could encounter resistance in the combination of the 50 and 100-hour simple moving average, before the price reached the 1,982.40/1,984.00 range.
Tue, 23 May 2023 10:15:46 GMT
Source: Dukascopy Bank SA
The price for gold has bounced off a resistance range at 1,982.40/1,984.00. By mid-Tuesday, the commodity price had reached the 1,951.90/1,954.40 range.
A move below the 1,951.90/1,954.40 range might result in the metal's decline being almost being stopped by the 1,950.00 mark and the January high at 1,949.00. Further below, the 1,945.00 and 1,935.00 levels could stop a decline, as they have in late March.
Meanwhile, a potential recovery is expected to be slowed down by the February high at 1,960.00. The level recently acted as support and resistance, during Tuesday's early trading. A move above 1,960.00 could encounter resistance in the combination of the 50 and 100-hour simple moving average, before the price reached the 1,982.40/1,984.00 range.