Dukascopy Bank Team
Dukascopy Bank SA
Gold
On Wednesday, gold's price was testing the resistance of the 55-hour SMA, which had caught up to the commodity price.
If the price passes above the 55-hour simple moving average, it should next test the 1,280.00 level, which should provide psychological resistance, and the 100-hour simple moving average.
On the other hand, the rate could be pushed down through the support of the 38.20% Fibonacci retracement level at 1,273.68. In that case scenario the rate would once more drop to the 1,270.00 level.
Meanwhile, take into account that the Federal Reserve announcement at 18:00 GMT might crash all technical USD charts.
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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