Gold reacts to BoJ manipulations

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


In general, the Bank of Japan has intervened in the forex market by pumping up the Yen massively. This has resulted in a drop of the US Dollar index, which in turn caused a surge of the price for gold.

Meanwhile, from a broader perspective the price remained in the previous sideways trading range between 1,655.00/1,660.00 and 1,677.60/1,680.25 even during the event. The only time the price for the metal managed to trade above 1,680.25 was during the Wednesday's Federal Reserve announcement and press conference volatility.

In general, the technical situation remains unchanged. A surge above 1,680.00 might encounter resistance in the 200-hour SMA and the 1,700.00 mark. On the other hand, a decline below 1,655.00 is expected to find support in round price levels.

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