Gold Analysis: Pierces support level

Gold

On Tuesday, the yellow metal pierced the support of the 200-hour SMA. With that the commodity price was signalling that it will decline.

Gold has no technical support as low as the 1,315.00 mark. The metal might reach this level by the end of this week.

However, take into account that round numbers on the gold price charts have shown resistance and support to the commodity.

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