Gold retreats below 2,373.70/3,400.00

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


Despite passing above simple moving averages, the price for gold experienced a sharp decline on Wednesday afternoon. The price declined to the support of the 2,373.70/3,400.00 range. Afterwards, on Thursday afternoon, the publication of the much higher than expected US GDP caused a drop of the commodity price below the range. Moreover, the range was confirmed as resistance and the decline extended as low as 2,353.00, before a recovery started.

On Friday, the release of the US Core PCE Index did not reverse the recovery. By mid-day, the price had reached the 2,373.70/2,400.00 range that was acting as resistance.

A bounce off from the range could result in the rate looking for support in the 2,350.00 and 2,340.00 levels. However, the 2,370.00 level was acting as support throughout the first part of the day and could continue to hold the price up.

In regards to resistance, besides the 2,373.70/2,400.00 range, the 50 and 100-hour simple moving averages might push the price down. Meanwhile, in the case of a surge above 2,400.00 could encounter resistance in the 2,420.00 level and the 200-hour simple moving average.
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