Gold is back at 1,775.00

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


The Federal Reserve rate hike and following press conference caused a surge of the US Dollar. On the gold price charts it resulted in a drop below the support of the 1,805.00 level. After the event, the price declined below 1,795.00. By mid-Thursday, the price was at 1,775.00.

A continuation of the decline of the commodity price could look for support in the 1,763.55/1,766.15 zone.

On the other hand, a recovery of the price could encounter resistance in the 200-hour simple moving average near 1,790.00, the 100-hour SMA at 1,795.0 and the 50-hour SMA at 1,800.00. Higher above, note the resistance zone at 1,803.30/1,809.85.
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