Gold respects resistance and support ranges

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


On Friday, the 1,803.30/1,809.90 range forced the price for gold into a decline. It was coincidental with the publication of the United States Producers Price Index being higher than expected. Namely, the higher inflation data set indicates that the US monetary policymakers might increase interest rates and thus strengthen the US Dollar. The following decline found support on Monday morning in the 1,784.20/1,786.00 range.

A potential recovery of the commodity price might once again test the resistance of the 1,803.30/1,809.90 zone. However, the surge might be slowed down by the 1,795.00 and 1,800.00 levels.

On the other hand, a decline would have to pass the combined support of the 1,784.20/1,786.00 range, the 100 and 200-hour simple moving averages.
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