Gold almost reaches 2,000.00

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


Throughout the past week, the financial markets have been reacting to United States fundamental data releases. In general, Consumer and Producer price indices and Retail Sales data have revealed that prices are going higher and the consumers don't care and just keep buying. Namely, the US Federal Reserve is not likely to cut interest rates, as the markets suddenly assumed at the end of last year. This in turn has strengthened the US Dollar, as Dollar interest is set to remain high.

On gold charts it has resulted in a drop to 2,005.00. The level acted as support and it appears that a retracement back up has found resistance at 2,015.00.

A resumption of the broader decline is set to look for support in the 2,000.00/2,005.00 range. If the 2,000.00 mark fails to hold it could result in a flush down as low as 1,950.00.

On the other hand, a recovery faces various round levels that have acted as support and resistance, and the 50, 100 and 200-hour simple moving averages. However, the SMAs appears to be mostly ignored.
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