Gold remains below 2,000.00

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


Gold has continued to test the 2,000.00/2,010.00 range's resistance. Each time the metal makes an attempt, a US data release causes a strengthening of the US Dollar and subsequent drop of the price for Gold. At mid-day on Thursday, the US GDP caused a drop of the price down to 1,985.00.

The United States Bureau of Economic Analysis has just published the country's quarterly Advance GDP data. The markets expected that the GDP would have increased by 2.0% during the quarter. The data came in below expectations, as GDP had increased by 1.1%. The lower data confirms views of an upcoming recession. A potential recession would cause a run to safety in the financial markets that would strengthen the US Dollar. Due to this reason, the USD spiked 0.30% on the news.

In regards to the near term future, same broader support and resistance zones remain relevant. Meanwhile, the hourly simple moving averages and round price levels appear to be capable of impacting the price in the shorter term.

A recovery of the metal's value might encounter resistance in the 2,000.00 mark and the 2,000.00/2,010.00 range. Higher above, note that round price levels acted as resistance and support during the first half of April.

A decline of the commodity price would have to reach below 1,970.00, before approaching the February and January high levels at 1,960.00 and 1,949.00.
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