Initially, gold dropped due to it being revealed that the Chinese central bank is no longer buying up the metal to keep in reserves. The Chinese had been buying for 18 months straight. Then on June 07 it was revealed that the US Labor market is doing better than expected, which indicates that the US central bank can keep the
Gold failed to reach the 2,360.00 level on Monday. It appears that the 2,350.00 level was strong enough to force the metal into a retreat. By mid-Tuesday, the commodity traded below the 2,330.00 level and the combined resistance of the 50 and 100-hour simple moving averages had stopped an attempted recovery. Economic Calendar Analysis This week, the markets will watch the
The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. US Dollar index reacted to the news by dropping 0.18% and extending a prior decline. On the gold price charts it caused a recovery that
The recovery of gold stopped at 2,360.00. The level held and caused a decline back to the 2,326.60/2,334.40 range that has acted as support. Economic Calendar Analysis On Thursday, at 12:30 GMT the publication of the United States Preliminary GDP and Unemployment Claims could impact the market via a move of the USD. On Friday, the top event of the week will take
The decline from the 2,450.00 level was larger than any short sellers expected, as on Friday the price was below 2,330.00. However, this week, the metal started to recover, as the short selling did not continue further below 2,330.00. Economic Calendar Analysis This week, the markets will concentrate first on the US CB Consumer Confidence release on Tuesday at 14:00 GMT. A
Gold broke above 2,400.00 and broke the channel up pattern's upper trend line, as the metal surged above all expectations. However, the 2,450.00 level acted as resistance and on Monday the metal sharply declined, as the surge had overextended. In the near term future, the price was expected to reach the 2,400.00 level that could act as support. Economic Calendar Analysis This
In general, gold continues higher. The price got a boost from the US Consumer Price Index and US Retail Sales, which weakened the USD. After the Wednesday's data release, the metal was steadily heading higher. Economic Calendar Analysis Notable events for this week are over. The CPI has set the tone for a USD decline. XAU/USD short-term forecast During Wednesday's trading, the 2,380.00
The price for gold managed to break off the 2,300.00 and show that it is heading higher. However, the surge eventually stopped at the 2,380.00 level. On Monday, the rate passed below the 2,360.00 level and the impact range near it. By mid-day, the price was finding support in the 2,333.75/2,340.00 range. Economic Calendar Analysis The US Consumer Price Index will impact
The Bureau of Labor Statistics has published the Non-farm Employment Change, Average Hourly Earnings and the Unemployment Rate. The data has been abysmal. The data reveals that the US economy is not doing well, as the Chairman of the Fed stated on Thursday. The economy is declining. A declining economy might need interest rate cuts. Non-farm Employment Change was forecast to
On May 1, US monetary policy makers, who decide upon the supply of the US Dollar, announced the Federal Funds Rate. The rate is used as a base rate for all USD denominated debt. The Fed has kept the interest rate unchanged at 5.50%, as the financial markets expected. In addition, the central bank has published the Federal Open Markets
The price for gold has encountered resistance in the 200-hour simple moving average, which has pushed the commodity price down. On, Tuesday, the rate was approaching the 2,300.00 level that is expected to act as support. Economic Calendar Analysis This week, the top fundamental event will take place. The United States Federal Reserve will announce its monetary policy on Wednesday at 18:00
On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity. The price for gold surged on the news and broke the descending trend line that had pushed the metal down. However, the surge stopped
As the US Dollar continues to strengthen, the price for gold has declined. The USD has been strengthening due to risk on sentiment increasing after tensions in the Middle East did not escalate. Meanwhile, the talk of rising inflation in the US has been continuing, as pressure increases on the US Federal Reserve to tighten policy. Economic Calendar Analysis At 13:45 GMT,
The price for gold found support on Monday and recovered. However, the 2,400.00 mark and prior high level range is acting as resistance. Meanwhile, it has been observed that the ascending 200-hour simple moving average has acted as support and caused the most recent push up to 2,400.00. Economic Calendar Analysis This week, notable events are over. Next week, economic data could
The surge of the metal's price has surged above the 2,400.00 mark. However, resistance was found in the 2,430.00 mark and a sharp decline occurred. However, it appears that after a 100 dollar drop the price found support at 2,330.00. The follow up surge has encountered resistance in the range that surrounds the 2,350.00 level and the 50 and 100-hour
Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. However, this is not resulting in a decline of the price for gold, as markets now that the rising inflation signals a potential economic recession, if the Fed
The price for gold is experiencing a classic surge. It reaches a new round price level. The price level acts as resistance. Gold retraces back to the previous price that acted as resistance, finds support and surges to break the resistance. This repeats over and over and over during the ongoing surge. Meanwhile, from time to time the hourly simple
Since Tuesday, US central bankers have made comments that they could cut interest rates. In addition, incoming data for various sectors confirms that the Federal Reserve could reduce rates. Moreover, the head of the Fed Jerome Powell has commented that easing could be done, if inflation continues to ease. Due to this reason, the US Dollar has declined in value. On
The price for Gold has continued to move higher after finding support in 2,160.00 last week. At the start of April, the price almost reached the 2,270.00 level, before selling started. However, the metal eventually found support at 2,225.00/2,230.00. By mid-Tuesday, the price was again testing the April high levels. Meanwhile, it has been spotted that the surge might have been
On Friday, the price was finding support in the 2,161.40/2,164.90 zone. During the second part of the day's trading, the price passed below this zone. However, at 2,157.40 a rebound started. By mid-Monday, the price had recovered and traded above the 50, 100 and 200-hour simple moving averages near 2,175.00. Economic Calendar Analysis This week, the financial markets could react to a
We have marked historical support and resistance zones on the commodity price's charts. It can be observed that these ranges are still impacting the price. Most of the zones are close by a round price levels. On Friday, the price was finding support in the 2,161.40/2,164.90 zone. Economic Calendar Analysis There are no more notable events scheduled for this week. XAU/USD short-term forecast
The United States Federal Reserve announced its Federal Funds Rate. Markets expected the Fed to keep the base interest rate unchanged at 5.50%. The Fed has done exactly that. However, the US Dollar declined on the announcement, as the market participants must have seen this as a relief from possible rate hike. Namely, inflation has shown to be persistent in
The price for gold has traded below the 2,150.00/2,165.00 support range. However, it appears that he price is set to wait out near the 2,150.00 mark until the US Federal Reserve rate announcement and press conference. Meanwhile, some resistance is found in the 50, 100 and 200-hour simple moving averages near 2,155.00/2,165.00. Economic Calendar Analysis All of the financial markets will be
The surge of gold did not reach the 2,200.00 mark. Instead, the metal has been consolidating between two notable ranges. First of all is the resistance of the 2,185.00/2,195.00 range. Most recently, the price has been finding support in the 2,150.00/2,165.00 zone. On Thursday, March 14, the price declined due to the publication of the US Producer Price Index. However, the