Gold reacts to US PPI

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


The price for Gold plummeted below the support of the 50, 100 and 200-hour simple moving averages at mid-day on Tuesday. The move is being attributed to the higher than forecast US Producers Price Index data, which revealed a larger than previously thought demand for the US Dollar.

By the middle of Wednesday's trading, the price had been fluctuating around the 1,770.00 level, as a consolidation appeared to be ongoing in the aftermath of Tuesday's drop.

A potential decline of the yellow metal's price might find support in the December low level at 1,762.20. Further below, round price levels might act as support until the bullion reaches the 1,750.00 mark.

On the other hand, a recovery of the price might find resistance at the 1,780.00 mark. At that level, the 50, 100 and 200-hour simple moving averages were located at mid-Wednesday. Higher above, the 1,790.00 mark and the zone above it might stop a surge.
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