Gold plummets due to US data

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The price for gold plummeted. From a Fundamental Analysis perspective the drop occurred due to various reasons, which can be read in this article.

Meanwhile, from a technical analysis perspective the decline has its own reasons and could have been forecast. Namely, the initial drop occurred due to the price failing to pass the resistance zone above the 1,800.00 mark.

Afterwards, after a period of sideways trading below the 55 and 100-hour SMAs, the bullion confirmed the 55-hour SMA as resistance and bounced off it. This resulted in a decline, which was slowed down for three hours by the support zone at 1,781.00/1,784.00. However, the support zone failed due to the a lot better than forecast US Retail Sales strengthening the US Dollar. This resulted in the steep drop to the 1,745.50 level. Note that round price levels failed to slow down the decline.

By the middle of Friday's European trading hours, the yellow metal's price had recovered above 1,765.00.

If the recovery of the metal continues on, the price could reach for the resistance of the hourly simple moving averages near the 1,780.00/1,790.00. On the other hand, a decline of the price would most likely once again look for support in the 1,750.00 level and the 1,745.50 mark.

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Mon, 20 Sep 2021 05:35:23 GMT

EUR/JPY bears could prevail

On Friday, the common European currency declined by 78 pips or 0.68% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during Friday's trading session.

Fri, 17 Sep 2021 12:07:16 GMT

USD/JPY recovery reaches 110.00 mark

On Friday, the USD/JPY currency exchange rate continues the recovery that was started on September 15. During the surge, the pair only shortly paused at resistance levels like the hourly simple moving averages. By the middle of Friday's London trading hours, the rate had reached the 110.00 level and the weekly simple pivot point at 110.07. A passing of the resistance

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