Gold remains below November high

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Source: Dukascopy Bank SA


The price for gold has surged due to the comments made by the head of the US Federal Reserve Jerome Powell. Namely, the policymaker stated that the US Fed might slow down their restrictive monetary policy implementation. Due to that reason the US Dollar plummeted against other assets.

On the gold charts it resulted in a surge up to the 1,783.50 level. Meanwhile, on Thursday, it was spotted that the price was finding support in the 1,775.00 level.

A continuation of the ongoing surge of the commodity price would have to pass the November high level zone at 1,785.20/1,786.30, before approaching the 1,800.00 mark. moreover, the 1,790.00 and 1,795.00 levels could act as resistance.
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