Gold encounters resistance in SMA

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


The release of the worse than expected US Unemployment Claims and Purchasing Managers Indices caused a decline of the US Dollar during the second part of Wednesday's trading. The worse than expected data signalled to the markets that the Federal Reserve might not hike US interest rates as steeply, as previously thought. Namely, the borrowing costs and with it demand for the USD is now forecast to be lower than previously thought.

On gold price charts it resulted in a surge. However, by the middle of Thursday's trading, the commodity had encountered resistance in the 200-hour simple moving average.

In the case of the metal passing above the 200-hour SMA, the price would test the 1,765.00 level and the resistance zone above it. However, a decline of the metal could find support in the 1,745.30/1,749.55 range and the 50 and 100-hour simple moving average.
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