Gold finds support in 1,895.00

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


The United States Bureau of Economic Analysis has published the US Final quarter on quarter Gross Domestic Product data. The markets expected US economy to have grown in the first quarter of the year by 1.4%. Instead of the expected, the economy has been reportedly increased by 2.0%.

On gold charts it resulted in a drop from the 50-hour simple moving average near 1,910.00 down below the 1,900.00 mark and to the support of the 1,895.00 level. The 1,895.00 level was pierced, but held out and caused a recovery of the commodity price. By 14:30 GMT on Thursday, the price had returned to the 1,910.25 level and the 50-hour simple moving averages, which were acting as resistance.

A move above the 50-hour simple moving average might be slowed down by the 100-hour simple moving average near 1,915.00 and the 200-hour simple moving average near 1,925.00. In addition, take into account that the 1,920.00 mark has acted as support and resistance. Higher above, note the 1,930.00 and 1,932.25 level resistance.

Meanwhile, a decline of the metal's price is highly likely going to look for support in the 1,895.00/1,900.00 range, before approaching lower round price levels.
Back to articles

Actual Topics

Mon, 03 Jul 2023 15:27:07 GMT

EUR/USD reveals resistance zone

The EUR/USD has revealed support and resistance zones. Support is being found at the 1.0840 level. Resistance is provided by the 1.0930/1.0940 range. On Monday, the pair was testing the resistance zone. Meanwhile, the rate ignored the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point. A move above 1.0940 could be slowed down by the

Thu, 29 Jun 2023 14:26:04 GMT

USD/JPY breaks resistance

The surge of the US Dollar against the Japanese Yen continues, as the USD gets stronger and the Yen loses value against peer currencies. The USD/JPY pair reached above the 144.50 mark and the weekly R1 simple pivot point at 144.63 at mid-Thursday due to the US GDP release. The United States Bureau of Economic Analysis has published the US Final

Subscribe to "Fundamental Analysis" feed

Subscribe
Per scoprire di più sulla piattaforma di Dukascopy Bank per Forex/CFD, sul SWFX ed altre informazioni relative al trading,
la preghiamo di contattarci o richiedere di essere contattato (callback request)
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Per scoprire di più sulla piattaforma di Dukascopy Bank per Forex/CFD, sul SWFX ed altre informazioni relative al trading,
la preghiamo di contattarci o richiedere di essere contattato (callback request).
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.