Gold reaches 2,400.00

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


Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. However, this is not resulting in a decline of the price for gold, as markets now that the rising inflation signals a potential economical recession, if the Fed is forced to hike too much to stop the rising prices. The markets are turning to the safety of the metal, which continue to reach new all-time-high levels.

On Friday morning, the price hit the resistance of the 2,400.00 mark. The price has been mostly respecting round price levels and the hourly moving averages that follow the metal.

A move above 2,400.00 is expected to pause at round price levels that will be revealed to us in the future.

Although, if the metal consolidates its gains by declining, the 2,380.00 is expected to be the first level to act as support. Further below, note the 50 and 100-hour simple moving averages and the 2,360.00 level.
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