GOLD Drops Below 1,700.00

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.