Gold tests zone above 1,770.0

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


Despite breaking the channel up pattern, the price for gold surged on Monday morning. Namely, at 10:00 GMT, the rate reached the early July resistance zone at 1,771.30/1,773.10.

A move above of the commodity price could encounter minor resistance in the 1,775.00, 1,780.00 levels, before reaching the resistance zone at 1,784.10/1,785.00.

On the other hand, a decline of the metal's price is likely to look for support in the 1,765.00, 1,760.00 levels and the 50-hour simple moving average near 1,758.00.
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