Gold reaches new high levels

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


The surge of gold continues, as on Wednesday the metal reached above 1,865.00 and touched the next resistance zone. Namely, the commodity has reached the 1,877.40/1,879.90 range.

A passing above the 1,880.00 level is expected to result in the metal's price aiming at the 1,895.00 level and the 1,900.00 mark.

On the other hand, note that the each breaking of a resistance zone occurred, as the metal was supported by a hourly simple moving average. The most recent move occurred, as the 50-hour SMA caught up. During the second part of Wednesday's trading, the metal had no close by SMA. Due to this reason, the price could remain near 1,875.00 or decline to 1,865.00.
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