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The 2,390.00/2,400.00 range eventually held and provided support to the price for gold. However, it was pierced at mid-Tuesday. Due to this reason the range is being adjusted to 2,383.70/2,400.00.
On Wednesday, the recovery faced the resistance of the 100-hour simple moving average and the 2,420.00 level.
A move above 2,420.00 could be slowed down by the 200-hour simple moving average and the 2,450.00 level, before the commodity approaches the recently booked all-time-high levels.
However, in the case of a decline of the metal's price support could be found in the 50-hour simple moving average and the 2,383.70/2,400.00 range. If the range fails to hold, the 2,370.00 level might act as support.
Wed, 24 Jul 2024 10:31:40 GMT
Source: Dukascopy Bank SA
The 2,390.00/2,400.00 range eventually held and provided support to the price for gold. However, it was pierced at mid-Tuesday. Due to this reason the range is being adjusted to 2,383.70/2,400.00.
On Wednesday, the recovery faced the resistance of the 100-hour simple moving average and the 2,420.00 level.
A move above 2,420.00 could be slowed down by the 200-hour simple moving average and the 2,450.00 level, before the commodity approaches the recently booked all-time-high levels.
However, in the case of a decline of the metal's price support could be found in the 50-hour simple moving average and the 2,383.70/2,400.00 range. If the range fails to hold, the 2,370.00 level might act as support.