Gold touches 2,035.00

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


The record low US open job numbers were enough to cause a surge of the price for gold above 2,000.00/2,010.00 already on Tuesday. During the Wednesday's US Federal Reserve rate hike and follow up conference, gold continued to surge and touched 2,035.00. The surge was attributed to the Chairman's of the Federal Reserve comments on an upcoming recession and possible US government default.

A continuation of the price surge could find resistance in the 2,050.00 mark. This level has stopped numerous broader surges of the safe haven commodity price. For moves higher, refer to the daily candle chart and historical high levels.

However, a potential decline of the commodity is set to look for support in the 2,015.00 level, before approaching the 2,000.00/2,010.00 zone's support. Note that the 50, 100 and 200-hour simple moving averages are moving into the support zone and could strengthen it.
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Mon, 08 May 2023 14:55:07 GMT

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