Gold reacts to US Fed

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


The decline of the price for gold had reached the support of the 2,030.00 mark, as the US Federal Reserve Meeting Minutes were published and caused a reversal of the course of the US Dollar. On the gold charts it resulted in a recovery back to 2,050.00.

A move above 2,050.00 is expected to encounter resistance in the 2,060.00 level and the 50, 100 and 200-hour simple moving averages that are fluctuating near this level. Higher above, take into account the 2,075.00 and 2,085.00 levels that have shown to be capable of impacting the pair.

On the other hand, a decline of the commodity price is expected to look for support in the 2,030.00 level. Further below, support could be found in the 2,010.00 and 2,000.00 levels.
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