Gold surges due to weak USD

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


The Federal Reserve hiked just 0.25% that were expected. Moreover, follow up comments by the head of the Federal Reserve have been perceived by the markets as dovish for the USD. Namely, the US Dollar's value and demand for it will not grow due to monetary tightening, as the Fed remains indecisive and "data dependant."

The decline of USD boosted gold's recovery. During the early hours of Thursday's trading, the commodity price was heading to the high level zone at 1,984.20/1,987.70, as the 1,980.00 level's resistance was broken.

A breaking of the high level zone at 1,984.20/1,987.70 is expected to result in an extension of the ongoing gold's recovery. The surge might be slowed down by the 1,990.00 and 1,995.00 levels, before the price tests the 2,000.00 mark.

In the case of a bounce off from the high level range the price could eventually look for support in the combination of the 50, 100 and 200-hour simple moving averages near 1,965.00.
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Mon, 31 Jul 2023 16:17:27 GMT

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