Gold plummets 2.06% due to Fed

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


At 19:00 GMT on Wednesday, the US Fed Meeting Minutes were released. The event revealed that the US monetary policy makers are more hawkish than though, as they are highly likely to hike USD interest rates. The price for gold reacted to the news by an initial sharp drop, which was followed up by a steep decline. In total, the commodity price lost 2.06% or 37.55 USD.

During the decline, the price passed various support levels until gold stopped at the 1,787.10 level. Afterwards, the price retraced to find resistance in the 1,795.00 mark.

If the price for gold properly recovers, it would first have to pass the resistance of the 1,795.00 level, before aiming at the 1,800.00 mark and the low level zone below it. Afterwards, the 50, 100 and 200-hour simple moving averages might act as resistance near 1,810.00.

However, a further decline of the rate might look for support first in the December 21 and 22 low level zone at 1,785.00/1,786.50. Further below, there is no close by support. Meanwhile, take into account that round price levels could act as support.
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