Gold reaches 2,300.00

Source: Dukascopy Bank SA


Since Tuesday, US central bankers have made comments that they could cut interest rates. In addition, incoming data for various sectors confirms that the Federal Reserve could reduce rates. Moreover, the head of the Fed Jerome Powell has commented that easing could be done, if inflation continues to ease. Due to this reason, the US Dollar has declined in value.

On gold price charts the price passed below the ascending trend line, but the fundamentals allowed the metal to break above the 2,265.00 level. Moreover, on Wednesday the level was confirmed as support. In the meantime, the 50-hour simple moving average has caught up to the metal and acts as support.

The ongoing surge could reach above 2,300.00 and book new all-time highs for the commodity price. Note that the metal is expected to continue to encounter resistance in round price levels.

On the other hand, a decline below the 50-hour simple moving average could result in the metal looking for support in the 2,265.00 level and the 100-hour simple moving average. Below these levels, the 2,225.00/2,230.00 range and the 200-hour SMA are set to act as support.
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