Gold drops below 2,000.00

Source: Dukascopy Bank SA


The price for gold dropped below the 2,000.00 mark in the aftermath of the US Retail Sales release on Tuesday. The fundamental event strengthened the US Dollar. Moreover, information came into news flows that the US politicians had made progress in US government debt talks.

By the middle of Wednesday's trading hours, the commodity had reached below the 1,990.00 level. A continuation of the decline might aim at the support zone near 1,970.00. Further below, note that previous historical high levels could turn into support.

On the other hand, a recovery of the commodity price is expected to find resistance not only in the 2,000.00/2,010.00 range, but also the 50, 100 and 200-hour simple moving averages. In addition, 1,993.00 acted as resistance during the recent decline.
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Mon, 22 May 2023 07:59:24 GMT

EUR/USD decline continues

The EUR/USD has reached a new low level by trading near 1.0760 during the end of the last week. However, a recovery of the Euro followed. On Monday the currency pair bounced off a resistance zone at 1.0825/1.0830. The zone was strengthened by the weekly simple pivot point at 1.0822 and the 100-hour simple moving average. Meanwhile, support appeared

Wed, 17 May 2023 13:00:53 GMT

USD/JPY aims at May high

The surge of the USD/JPY continues. Mid-Wednesday the currency pair passed above the combined resistance of the weekly R2 and the 137.00 mark. It was expected that the rate could soon reach for the May high level zone at 137.50/137.75. A move above 137.75 could be slowed down by the 138.00 mark or the weekly R2 simple pivot point at 138.35.

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