Gold drops back to 1,810.00

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Source: Dukascopy Bank SA


On Wednesday at 19:00 GMT, the US Federal Reserve confirmed that it would end quantitative easing, gradually decrease its balance sheet and hike interest rates. The event resulted in a minor decline of the USD, which was followed by a sharp surge of the US currency.

By the middle of Thursday's trading, the price for gold had reached the 1,810.00 mark and the low level zone of mid-December at 1,806.50/1,809.50.

In the case that the commodity recovers from the support levels near 1,810.00. The price might find resistance in the 1,815.00 and 1,825.00 levels, before it reaches the 1,830.00 mark. Note that the 1,830.00 mark is expected to be strengthened by the 50, 100 and 200-hour simple moving averages.

Meanwhile, a decline below the 1,806.50 level, could immediately find support in the 1,800.00 mark, before reaching the December low levels.
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