Gold returns to December high levels

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


By looking at technical charts it can be seen that a broad weakness of the US Dollar across the markets against peer currencies has pushed the price for gold higher. However, some attribute the move to the Houthi attack on shipping in the Red Sea. Highly likely that it is a combination of the two factors, as only gold has reproached the post Federal Reserve announcement high level. Currency pairs, despite recovering, remain below FOMC highs.

During the second part of Tuesday's trading, the metal's price had reached the December 14 highs at 2,046.75/2,047.75.

A move above 2,047.75 is expected to immediately face resistance in the 2,050.00 mark. Higher above, note the marked levels that impacted the commodity during its recent surge to all-time-high levels.

However, a potential decline would look for support in the 2,027.20/2,030.00 range and the 50 and 100-hour simple moving average. Further below, note the 200-hour SMA near 2,015.00. Below the moving average take into account the 2,007.45/2,012.75 zone.
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