Gold touches 1,675.00

Source: Dukascopy Bank SA


As the US Dollar has been experiencing a decline due to the markets thinking that the Federal Reserve would be less restrictive in their monetary policy, the price for gold has surged. On Wednesday morning, the price touched the 1,675.00 level.

An extension of the ongoing surge is set to face resistance at 1,678.75/1,683.85, where the early October high level zone is located at.

On the other hand, a decline of the metal could look for support in the 1,660.00, 1,650.00 and 1,640.00 levels.
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