Gold jumps and breaks resistance

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


The price for gold started a major surge at mid-day on Tuesday. The surge eventually reached and pierced the 2,050.00 mark. During the move, the rate shortly paused near 2,040.00, before breaking the ascending channel pattern to the upside.

However, during the first half of Wednesday a retracement downwards occurred, as traders took profits before the release of the US Preliminary Quarterly Gross Domestic Product change number. The data is set to set the future near term direction of the commodity price by impacting the value of the US Dollar.

A resumption of the surge would highly likely face resistance of the 2,050.00 mark. Higher above, note the marked 2,060.00 and 2,080.00 levels. These round price levels have shown in the past to be capable at acting as support and resistance.

Meanwhile, a potential decline of the commodity price is expected to look for support in the 50-hour simple moving average near 2,030.00. Below the 50-hour SMA, note the ascending 100-hour SMA that is strengthening the 2,010.00 mark, but could move higher to the 2,020.00 level.
Back to articles

Actual Topics

Thu, 30 Nov 2023 09:31:43 GMT

EUR/USD returns below 1.0950

On Wednesday, at 13:30 GMT, the United States Bureau of Economic Analysis published the US Preliminary Gross Domestic Product data. The markets expected the US GDP to have increased by 5.0% on a quarter to quarter basis. However, the actual number turned out to be 5.2%. The news strengthened the US Dollar and caused a decline of the EUR/USD. However,

Wed, 29 Nov 2023 10:42:03 GMT

USD/JPY reaches below 147.00

The decline of the US Dollar against the Japanese Yen reached below the 147.00 mark at midnight to Wednesday. However, it was followed by a recovery, as the short sellers are taking gains before the release of the US Gross Domestic Product data scheduled for 13:30 GMT. The data set is expected to impact the pair and set

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.