Gold jumps to 1,870.00

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Source: Dukascopy Bank SA


The price for gold reached the summer high level zone above 1,830.00 in the borders of the channel up pattern. Although, the summer high level zone forced the price into breaking the pattern and retracing to the support of the 50-hour simple moving average. The SMA kept the price up until the US Consumer Price Index data was released.

The data revealed higher than expected inflation in the United States. From one perspective, it increased the value of the USD against other currencies, as the local demand for it has increased. On the other hand, the data confirmed the global high inflation fears of all currencies. Due to that reason, the price of gold jumped on the release of the data at 13:30 GMT. The jump almost hit the 1,870.00 mark before a retracement back down started.

In the case that the yellow metal's price continues to decline, it could look for support in the summer high level zone and the 50-hour simple moving average at 1,830.00/1,834.40. Below the support zone, note the 100-hour simple moving average near 1,815.00.

Meanwhile, a potential resumption of the surge of the price might encounter resistance in the 1,850.00 and 1,870.00 levels before aiming at the 1,900.00 mark.
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