Gold retraces upwards

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


The price for gold has found support in the 1,730.00 level and recovered. By the middle of Tuesday's European trading hours, the price had reached the resistance of the 50-hour simple moving average near 1,742.50.

A continuation of the recovery of the commodity price is expected to encounter resistance in the 1,745.00/1,755.00 range, which has acted as resistance and support throughout the recent months. In addition, note the approaching 100-hour simple moving average near 1,753.00.

On the other hand, a decline of the metal's price is expected to once again look for support in the 1,730.00 level, before reaching the 1,710.00/1,715.00 zone.
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