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Despite the mid-week boost of Jerome Powell to the price of gold, the commodity retraced back to 1,910.00 on Thursday. On Friday, the US high employment data caused a drop of the commodity. Gold clearly passed below the support zone at 1,900.00 and reached even below 1,880.00.
Below the 1,880.00 mark, the 1,870.00 might act as support. Below these levels round levels are expected to continue to impact the price at 1,860.00, 1,850.00 and 1,830.00.
On the other hand, a recovery of the commodity price is bound to encounter resistance in the zone that surrounds 1,900.00.
Fri, 03 Feb 2023 14:25:35 GMT
Source: Dukascopy Bank SA
Despite the mid-week boost of Jerome Powell to the price of gold, the commodity retraced back to 1,910.00 on Thursday. On Friday, the US high employment data caused a drop of the commodity. Gold clearly passed below the support zone at 1,900.00 and reached even below 1,880.00.
Below the 1,880.00 mark, the 1,870.00 might act as support. Below these levels round levels are expected to continue to impact the price at 1,860.00, 1,850.00 and 1,830.00.
On the other hand, a recovery of the commodity price is bound to encounter resistance in the zone that surrounds 1,900.00.