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Gold trends higher; resistance within 1,940 area
Gold has been swinging higher in the four-hour chart since hitting a three-month low of 1,892 at the end of June, rising as high as 1,940 today. The precious metal is hovering around a familiar constraining zone and near the 200-period simple moving average, which caused a soft decline over the past few hours. The 23.6% Fibonacci retracement of the previous downleg is cementing that wall as well. Hence, traders might wait for a clear close above the 1,936-1,940 boundary before they target the upper band of the short-term bullish channel at 1,947. A successful move higher could last till the 38.2% Fibonacci mark of ... (full story)