Gold is back above 2,450.00

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


The price for gold managed to break the 2,400.00 level and the three hourly simple moving averages. The event was followed by a surge to the 2,450.00 level, which was eventually broken. Meanwhile, round price levels were observed as acting as support and resistance.

The surge coincided with a broader US Dollar's weakness that was caused by US Federal Reserve rate cut expectations. On Wednesday, the Fed affirmed that it needs more data to decide upon a cut. However, the markets saw this as a reaffirmation that the Fed might cut in September.

A continuation of the price surge might eventually test the prior all-time-high level near 2,480.00. Higher above, the 2,500.00 mark is expected to act as resistance.

On the other hand, a decline might look for support in the 2,440.00, 2,430.00 and 2,420.00 levels and the 50-hour simple moving average.
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