Gold reaches back to 1,850.00

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


The price for gold managed to surge during the mid-day hours of Thursday. The surge of the metal occurred due to the decline of the US Dollar, which was created by the strengthening of various European currencies, as their respective central banks hiked interest rates. The surge eventually settled in the 1,840.00/1,860.00 zone.

In regards to the future, if the metal surges, the price is set to encounter resistance in the 1,860.00, 1,865.00, 1,870.00 and 1,880.00 levels, which all acted as resistance during the first half of June. Higher above, expect the 1,900.00 to slow down a potential surge.

However, a decline below 1,840.00 and the 200-hour simple moving average might look for support in the 50 and 100-hour simple moving averages, before reaching the support zones at 1,825.00/1,830.00 and 1,805.00/1,810.00.
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