Dukascopy Bank Team
Dukascopy Bank SA
Instead of trying to reach the monthly R1 at 1,348.36, using the 55-hour SMA as a springboard, the exchange rate stuck at the weekly R1 at 1,339.42 and stayed there until a release of data on the US ISM Non-Manufacturing PMI. The American figures appeared to be positive and dragged the pair down by 0.5%. Fortunately for the gold, the 100-hour SMA managed to neutralize the further fall. For this reason, the yellow metal has a good basis to try to get back at least to the above weekly R1.
On the other hand, there is a need to take into account that below the 100-hour SMA there is an empty zone up until the junior ascending channel’s bottom trend-line and the 200-hour SMA.
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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