Gold gets a boost from US data

Source: Dukascopy Bank SA


On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity.

The price for gold surged on the news and broke the descending trend line that had pushed the metal down. However, the surge stopped at the 2,333.75/2,340.00 range. This range was reached by the 50-hour simple moving average and at mid-Wednesday it appeared that the metal was declining back to 2,300.00.

A move below 2,300.00 could look for support in early April's support and resistance zones near 2,265.00 and 2,225.00.

On the other hand, a recovery of the metal would have to break above the 50-hour simple moving average. Meanwhile, note the resistance of the 2,320.00, 2,340.00 and 2,360.00 levels.
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