Gold faces new resistance

Source: Dukascopy Bank SA


During the past trading sessions, gold has been finding support in the 1,940.00 mark. Meanwhile, resistance appears to be provided by the 50-hour simple moving average not the 1,952.00/1,955.00 range or the 1,950.00 mark. On Monday, the 50-hour SMA was located near 1,945.00.

In the near term future, the 50-hour simple moving average might push the price down and through the support of the 1,940.00 mark. Below the 1,940.00 level, the 1,934.50 level could act as support due to it stopping a notable decline in March.

On the other hand, a failure of the moving average could result in the pair testing the 1,950.00 mark and the 1,952.00/1,955.00 range. In addition, take into account the descending 100-hour simple moving average near 1,955.00 and the 200-hour SMA near 1,965.00.
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Mon, 29 May 2023 12:34:34 GMT

USD/JPY hits new high

The surge of the US Dollar against the Japanese Yen continues. On Monday morning, the rate attempted to reach the 141.00 mark, before retracing back down to the support of the 50-hour simple moving average near 140.15. In the case that the 50-hour SMA once again pushes the pair up, the rate would aim at the resistance of the 141.00

Mon, 29 May 2023 12:00:00 GMT

GBP/USD respects moving average

On Friday, the GBP/USD bounced off the resistance zone at 1.2390/1.2395 and the 100-hour simple moving average. However, the decline was actually caused by fundamental events. The US PCE Inflation data caused a surge of the value of the US Dollar. On Monday, the pair found resistance in the 100-hour simple moving average and support appeared to be provided by

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