Dukascopy Bank Team
Dukascopy Bank SA
Gold
The Chairman of the US Federal Reserve Jerome Powell made a speech on Thursday, which caused a surge of the US Dollar. This resulted in the price of gold bouncing off the combined resistance of the 1,720.00 mark and the 55-hour simple moving average.
The price almost immediately reached the 1,690.00 level, which provided support. By the middle of Friday's trading, the metal was trading sideways in the 1,690.00/1,700.00 zone.
In the near term future, the price was expected to continue to trade sideways until it is approached by the 55 and 100-hour simple moving averages, which were located above the 1,710.00 level.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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