Gold plummets to new low levels

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


As the US Dollar continues to strengthen, the price for gold has plummeted. By the middle of Wednesday's European trading hours, the commodity had reached the 1,760.00 level. The price has not been this low during 2022.

In the meantime, note that the 1,740.00/1,760.00 zone acted as support during a couple of periods in 2021. Namely, it acted as support in the early summer and early winter.

If gold continues to lose value, compared to the US Dollar, the price could eventually reach the 1,700.00 level, which, despite being pierced, acted as support in early 2021. Afterwards, the 2021 low level at 1,670.50 might stop a decline.

On the other hand, a potential decline might encounter resistance in the 1,771.30/1,772.90 zone. The zone acted as resistance to the price since the second part of Tuesday's trading.
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