Gold Analysis: Tests resistance at 1,275.00

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.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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