Gold remains near 1,660.00

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


The US Consumer Price Index release caused major volatility up and down on all US Dollar involved charts. On the gold price charts it resulted in a drop below 1,645.00 and a follow up recovery above 1,670.00. Above the 1,670.00 level, the 100-hour simple moving average acted as resistance and caused a decline.

By the middle of Friday's trading, the price had retreated and found support in the 1,650.00 mark.

A decline below 1,650.00 might look for support in the 1,645.00 and 1,640.00 levels. Note that the 1,640.00 level and a zone that surrounds it impacted the price during the late part of September. The zone acted as support and resistance.

However, a surge of the commodity price is expected to encounter resistance in the combination of the 50 and 100-hour simple moving averages near 1,670.00. Higher above this week's high level zone could stop a surge near 1,680.00.
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Mon, 17 Oct 2022 07:55:58 GMT

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