Gold reaches major resistance

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Source: Dukascopy Bank SA


The press conference of the Chairman of the Federal Reserve Jerome Powell caused a drop of the value of the US Dollar. The event resulted in a surge of the price for gold through the resistance of the 1,735.00/1,740.00 zone. On Thursday morning, the commodity was testing the resistance of the July high levels at 1,743.85/1,752.50.

A move above the resistance zone might pause at 1,765.00, 1,772.50 and the 1,785.00 levels. These levels impacted the pair during early July.

Meanwhile, a decline of the commodity price might look for support in the 1,715.00 level, before approaching the 1,700.00 mark's support zone.
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