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Gold has managed to recover and surged to the 2,430.00 level. During the recovery, it was observed that the metal mostly ignored the hourly simple moving averages. Round price levels have a larger impact on the commodity price.
An extension of the ongoing recovery is expected to face resistance in the 2,450.00 level, before approaching the all-time-high level range near 2,480.00
On the other hand, a potential decline might look for support in the 2,390.00/2,400.00 range, prior to reaching the 2,370.00 mark. Meanwhile, the hourly simple moving averages are not expected to impact the commodity.
Fri, 09 Aug 2024 12:19:31 GMT
Source: Dukascopy Bank SA
Gold has managed to recover and surged to the 2,430.00 level. During the recovery, it was observed that the metal mostly ignored the hourly simple moving averages. Round price levels have a larger impact on the commodity price.
An extension of the ongoing recovery is expected to face resistance in the 2,450.00 level, before approaching the all-time-high level range near 2,480.00
On the other hand, a potential decline might look for support in the 2,390.00/2,400.00 range, prior to reaching the 2,370.00 mark. Meanwhile, the hourly simple moving averages are not expected to impact the commodity.