Gold price reacts to war

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


The start of the war in Israel has caused a run to safety. Market participants have been observed to be buying both the US Dollar and gold. Due to this reason, the surge of the price for gold has been rather low. The price jumped and has stuck near the 1,850.00 mark.

For the price to decline it would have to pass below the support of the 200-hour simple moving average near 1,845.00. Further below, it is expected that the 1,930.00 mark and the 50 and 100-hour simple moving averages act as support. If the mentioned levels fail, the 1,920.00 level could turn into support, before the 1,805.00/1,808.00 range would be reached.

If the metal's price starts a broad surge, it is expected to face resistance in the 1,860.00 and 1,880.00 levels that have acted as resistance in September.
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