Gold recovers to 1,890.00

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Source: Dukascopy Bank SA


On Wednesday, the comments made at the Federal Reserve press conference by the Chairman Jerome Powell caused a drop of the US Dollar's value. On gold price charts it resulted in a move above a resistance zone at 1,872.00/1,878.00 up to the 1,890.00 level.

If the price for gold continues to recover, it might encounter resistance in the 1,900.00 mark and the 200-hour simple moving average. Higher above, note that the 1,920.00 level acted as resistance during the previous week.

However, a decline of the commodity price might look for support at 1,872.00/1,878.00 and 1,850.00/1,855.00.
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