Gold declines below support range

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


The price for gold has traded below the 2,150.00/2,165.00 support range. However, it appears that he price is set to wait out near the 2,150.00 mark until the US Federal Reserve rate announcement and press conference. Meanwhile, some resistance is found in the 50, 100 and 200-hour simple moving averages near 2,155.00/2,165.00.

The upcoming event could change direction of the metal. However, if the Fed rate announcement does not impact the markets, gold could return below 2,150.00 and continue downwards in the marked channel down pattern.

On the other hand, a surge of the commodity price has to break the 50, 100 and 200-hour simple moving averages and the upper trend line of the channel, before testing the early March high levels.
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