Gold recovers after major fall

Source: Dukascopy Bank SA


The price of Gold plummeted last week due to the US Federal Reserve rate hike. The rate declined as low as 1,942.50/1,943.40, where it found support. Since the event, the price has managed to break the 50, 100 and 200-hour simple moving averages. At mid-Monday, the commodity had reached above 1,970.00.

A continuation of the commodity's recovery could aim at the high level zone at 1,984.20/1,987.70. A breaking of the high level zone at 1,984.20/1,987.70 is expected to result in an extension of the ongoing gold's recovery. The surge might be slowed down by the 1,990.00 and 1,995.00 levels, before the price tests the 2,000.00 mark.

On the other hand, a decline of the metal's price is expected to look for support first in the 200-hour SMA at 1,965.00, secondly in the 100-hour SMA near 1,960.00 and afterwards the 50-hour SMA near 1,955.00. Note that the SMAs are located at round price levels. Below the moving averages the 1,950.00 level could turn into support.
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Tue, 01 Aug 2023 16:59:15 GMT

EUR/USD returns back below 1.1000

The EUR/USD has bounced off the combined resistance of the weekly simple pivot point and the 100-hour simple moving average, before reaching the 1.1050 level. The following decline has reached below the 1.0960 level during mid-Tuesday trading. An extension of the ongoing decline is highly likely going to look for support in the 1.0935/1.0950 range, before approaching the weekly S1

Mon, 31 Jul 2023 16:51:27 GMT

USD/JPY tests 142.70/143.10 range

The USD/JPY currency pair has reached the resistance of the 142.70/143.10 range. In addition, it is assumed that the weekly R1 is also acting as resistance. Meanwhile, mid-Monday, support was found in the 142.00 level. A potential decline below 142.00 could look for support in the 141.55/141.90 range, prior to declining to the combined support of the 50, 100

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