Gold reaches support at 1,710.00/1,715.00

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


The price for gold has hit the 1,710.00/1,715.00 zone, as the 50-hour simple moving average has provided enough resistance for the commodity price to decline. In the meantime, it was spotted that the price has been declining in a channel down pattern since August 25. At mid-day on Wednesday, the support zone held and a recovery approached the combination of the pattern's upper trend line and the 50-hour simple moving average.

In the case of the commodity reaching above 1,725.00, the resistance of the channel pattern and the 50-hour simple moving average, the metal's recovery could be slowed down by the combination of the 1,740.00 and 1,745.00 levels and the 100 and 200-hour SMAs.

However, a decline of the price below 1,710.00 is expected to look for support in the 1,700.00 mark, prior to approaching the lower trend line of the channel down pattern.
Back to articles

Actual Topics

Wed, 31 Aug 2022 16:40:01 GMT

EUR/JPY surges due to fundamentals

This morning, at 09:00 GMT, the higher than expected Euro Zone Consumer Price Index Estimate caused a reversal of an ongoing decline of the Euro against peer currencies. The markets took in high inflation as a reason for the European Central Bank to be more hawkish and reduce the supply of the Euro more than previously planned. Afterwards, as the

Wed, 31 Aug 2022 14:34:05 GMT

USD/JPY trades flat

Since Monday morning, the USD/JPY currency exchange rate has been fluctuating between the support of the 138.07/138.26 zone and resistance at 138.86/139.08. A move above the 138.86/139.08 zone could result in the pair testing the resistance of the 139.50 and 140.00 levels. Higher above, note the weekly R3 simple pivot point at 140.35. On the other hand, a decline of the

Subscribe to "Fundamental Analysis" feed

Subscribe
Pre viac informácií o Dukascopy Bank CFD / Forex obchodných platformách a ostatných záležitostiach
nás prosím kontaktujte alebo požiadajte o hovor od nás.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Pre viac informácií o Dukascopy Bank CFD / Forex obchodných platformách a ostatných záležitostiach
nás prosím kontaktujte alebo požiadajte o hovor od nás.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.