Gold is above 2,200.00

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


The United States Federal Reserve announced its Federal Funds Rate. Markets expected the Fed to keep the base interest rate unchanged at 5.50%. The Fed has done exactly that. However, the US Dollar declined on the announcement, as the market participants must have seen this as a relief from possible rate hike. Namely, inflation has shown to be persistent in the US and a rate hike was a possibility. After the event, the Chairman of the Federal Reserve Jerome Powell revealed at the follow up press conference that not one but three rate cuts are possible in 2024. These news caused a drop of the Dollar that continued overnight. The Dollar index reached a slow as 102.90, where it found support.

On gold charts it resulted in a surge as high as 2,222.60. However, after the event, the price declined and revealed a support zone at 2,200.00.

A potential resumption of the surge might encounter resistance in the 2,222.60 level.

Meanwhile, a decline has to decline below the 2,200.00 mark, before approaching the 50, 100 and 200-hour simple moving averages.
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Actual Topics

Fri, 22 Mar 2024 11:27:58 GMT

EUR/USD approaches 1.0800

The volatility that was caused by fundamental events is over, as candles are smaller and the rate appears to have established a direction. The EUR/USD has declined, and by mid-Friday it appeared to be heading to the 1.0800 mark. If the 1.0800 provides enough support, the rate could encounter resistance in the 1.0840 or 1.0860 levels, before approaching the 1.0880

Thu, 21 Mar 2024 13:22:28 GMT

GBP/USD reacts to central banks

The United States Federal Reserve announced its Federal Funds Rate. Markets expected the Fed to keep the base interest rate unchanged at 5.50%. The Fed has done exactly that. However, the US Dollar declined on the announcement, as the market participants must have seen this as a relief from possible rate hike. Namely, inflation has shown to be persistent

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