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The decline of the price for gold has slightly increased, as the price has approached a support zone near 1,660.00.
In general, previous support and resistance levels have been marked on the chart. Note the zones near 1,640.00 and 1,660.00. Further below, note the September low level zone at 1,615.70/1,621.65.
However, a recovery of the commodity price might encounter resistance in the 1,680.00 level and the 50-hour simple moving average. Higher above, take into account the 200-hour SMA near 1,690.00 and the 100-hour SMA near 100-hour simple moving average.
Tue, 11 Oct 2022 11:00:57 GMT
Source: Dukascopy Bank SA
The decline of the price for gold has slightly increased, as the price has approached a support zone near 1,660.00.
In general, previous support and resistance levels have been marked on the chart. Note the zones near 1,640.00 and 1,660.00. Further below, note the September low level zone at 1,615.70/1,621.65.
However, a recovery of the commodity price might encounter resistance in the 1,680.00 level and the 50-hour simple moving average. Higher above, take into account the 200-hour SMA near 1,690.00 and the 100-hour SMA near 100-hour simple moving average.