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The price for gold reversed from the 1,972.40 level on Monday. There is no technical reason for the reversal. However, it can be attributed to a broader strengthening of the US Dollar. The decline eventually reached below the last week's low level and the 1,942.00 level. It appeared on Tuesday, that the metal is set to look for support either in 1,940.00 or 1,932.25.
A failing of the 1,940.00 and 1,932.25 levels to provide support would leave the rate without known support levels as low as 1,910.25. However, round price levels could turn into support.
On the other hand, a recovery of commodity price could face the 1,942.50/1.943.40 range, before testing the 1,950.00 mark and the 50, 100 and 200-hour simple moving averages.
Tue, 01 Aug 2023 17:54:13 GMT
Source: Dukascopy Bank SA
The price for gold reversed from the 1,972.40 level on Monday. There is no technical reason for the reversal. However, it can be attributed to a broader strengthening of the US Dollar. The decline eventually reached below the last week's low level and the 1,942.00 level. It appeared on Tuesday, that the metal is set to look for support either in 1,940.00 or 1,932.25.
A failing of the 1,940.00 and 1,932.25 levels to provide support would leave the rate without known support levels as low as 1,910.25. However, round price levels could turn into support.
On the other hand, a recovery of commodity price could face the 1,942.50/1.943.40 range, before testing the 1,950.00 mark and the 50, 100 and 200-hour simple moving averages.