Gold plummets on Wednesday

Note: This section contains information in English only.
Source: Dukascopy Bank SA
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At 12:30 GMT, on Wednesday, the yellow metal's price started a drop, which lasted two hours, and gold lost 1.50% against the US Dollar.

The move could be attributed to the publication of good US employment data. Namely, the ADP Non-Farm Employment Change was released at 517,000 instead of the forecast 400,000. However, the data was released at 12:15 GMT not 12:30 GMT. In addition, as the event should have impacted the rate through the value of the USD, other pairs and the USD index can be investigated. There are no sharp moves on other USD pairs or the index.

Due to that reason, the reason of the drop remains unclear.



The decline stopped at the October 18 low level at the 1,760.00 level. Future scenarios were based upon whether the 1,760.00 level provides support.

A passing of the 1,760.00 mark could result in a decline to the 1,745.00/1,750.00 zone. On the other hand, a recovery of the price might be slowed down by the 1,772.50 level, the 50, 100 and 200-hour simple moving averages at 1,786.45/1,792.90 and the 1,795.00 mark.

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