Gold reaches 2,065.00

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


The United States Federal Reserve has just published its Federal Funds Rate. As expected, the central bank has kept its base rate unchanged at 5.50%. The no change was expected.

Afterwards, the markets were looking forward to the follow up press conference of the Chairman of the Federal Reserve Jerome Powell. In general, the head of the central bank stated that there are no expectations of Fed Funds Rate cut. The only way the policymakers would ease the rate would, if something breaks. Namely, unemployment bounces above 4.0% or the banking sector crashes. These comments caused a surge of the US Dollar that beat down the stock market.

However, by mid-Thursday, a recovery was taking place in the market. The price for gold started a surge and reached the 2,065.00 level.

A continuation of the surge could be slowed down by the 2,075.00 level, before the metal reaches the late 2023 high levels near 2,085.00/2,090.00.

On the other hand, a decline might look for support in the 2,035.00/2,040.00 range and the 2,050.00 mark. In addition, note the ascending 50, 100 and 200-hour simple moving averages at 2,030.00/2,040.00. Below 2,030.00, there are two support ranges near 2,010.00 and 2,050.00.
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The United States Federal Reserve has just published its Federal Funds Rate. As expected, the central bank has kept its base rate unchanged at 5.50%. The no change was expected. Afterwards, the markets were looking forward to the follow up press conference of the Chairman of the Federal Reserve Jerome Powell. In general, the head of the central bank stated

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