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The 1,657.50/1,662.50 zone has acted as support and held the price for gold up. Meanwhile, note that a surge up to the 1,685.00 was caused by fundamental news from the Bank of England. However, on Wednesday morning, the pair was once again at the support zone.
A recovery from the support zone is expected to find resistance in the 1.675.00 and 1,680.00 levels, before the Tuesday's high is tested. In addition, take into account the 100 and 200-hour simple moving averages near 1,690.00.
In the case of a commodity price decline, the 1,657.20/1,662.50 would have to be passed, prior to the price reaching the 1,650.00 level and the support zone above 1,640.00
Wed, 12 Oct 2022 09:30:48 GMT
Source: Dukascopy Bank SA
The 1,657.50/1,662.50 zone has acted as support and held the price for gold up. Meanwhile, note that a surge up to the 1,685.00 was caused by fundamental news from the Bank of England. However, on Wednesday morning, the pair was once again at the support zone.
A recovery from the support zone is expected to find resistance in the 1.675.00 and 1,680.00 levels, before the Tuesday's high is tested. In addition, take into account the 100 and 200-hour simple moving averages near 1,690.00.
In the case of a commodity price decline, the 1,657.20/1,662.50 would have to be passed, prior to the price reaching the 1,650.00 level and the support zone above 1,640.00