Gold encounter resistance in moving average

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the middle of Wednesday's trading, the price for gold was kept down by the resistance of the 200-hour simple moving average, which was gradually declining. In the meantime, previous forecasts remained unchanged.

If the pair surges above the 200-hour simple moving average near 1,930.00, the price is expected to find resistance at each five dollar round level. Namely, 1,935.00, 1,940.00, 1,945.00 and 1,950.00 are capable of stopping and reversing potential surges.

On the other hand, a decline of the commodity price might find support in the 1,900.00 level and the support zone below it.

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