Gold fails to reach 2,050.00

Source: Dukascopy Bank SA


The price for hold almost touched the 2,045.00 mark on Wednesday. However, US central bankers made comments that they will not cut interest rates until clear inflation decline occurs. Since inflation recently returned, it is clear that a rate decrease won't come soon. Due to this reason, the USD surged in value and price for gold dropped. By mid-Thursday, the price was at 2,020.00.

The ongoing decline could find support at the following levels - 2,015.00, 2,010.00 and 2,005.00. All of these levels have acted as support and resistance in the past. The reason for it is simple. Traders set up their buys and sell orders at round levels. If all of these levels are passed, the price is set to look for support in the 2,000.00 mark.

On the other hand, a potential recovery is expected to face the combined resistance of the 50, 100 and 200-hour simple moving averages and the 2,030.00/2,040.00 range. If the resistance fails, the 2,045.00 and 2,050.00 levels are set to act as additional resistance.
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Fri, 09 Feb 2024 15:27:52 GMT

EUR/USD respects moving averages

The 1.0720/1.0740 support range held. Moreover, it appears that the rate reversed already at the weekly S1 simple pivot point at 1.0744. After finding support, the rate surged and encountered resistance in the 200-hour simple moving average. A move above the 200-hour SMA would face the 1.0800 mark. Higher above, take into account the weekly simple pivot point at 1.0821

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USD/JPY aims at 150.00

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