The price of gold has continued to book higher and higher levels. However, it constantly gets overbought and each fundamental event that strengthen the USD causes major drop of the commodity price. This week, the price is bound to be dictated by the US Presidential Election and US Federal Reserve announcements. Economic Calendar Analysis The US Presidential Election and the Congressional elections
In general, the price of gold has broken the channel up pattern on October 23. Afterwards, support was found, before the decline reached the 2,700.00 mark. Since then, the metal has been recovering. However, the metal faces resistance and finds support in round price levels. Economic Calendar Analysis This week, the market might move due to the combined release of the US
The price of gold continues to move higher. By mid-Monday, the price was far above the 2,700.00 mark. However, the metal appears to have encountered resistance in the 2,740.00 level and the upper trend line of a channel up pattern. Economic Calendar Analysis On Thursday, at 13:45 GMT, the US S&P Global Manufacturing and Services PMIs will be published. The survey results
The price for gold has managed to find support in 2,640.00 and the 200-hour simple moving average. The follow-up surge broke the 2,670.00 level, and it resulted in another test of the all-time high levels at 2,685.40. In the meantime, the range that surrounds the 2,670.00 mark has turned into support. Economic Calendar Analysis From the US Dollar's side, the markets could
During the US CPI volatility, the price of gold almost touched the 2,600.00 mark. However, the price recovered after the event and by Monday almost hit the 2,670.00 level. However, a decline occurred during midday as the surge appeared to be overextended. Economic Calendar Analysis From the US Dollar's side, the markets could react on Thursday at 12:30 GMT to the publication
The price of gold has passed more support levels. On Wednesday, the metal fluctuated near the 2,600.00 mark. It appeared that the 2,605.00 and 2,610.00 levels were providing support, as the 2,625.00 mark acted as resistance. In the near term future, the commodity price will reveal its direction after the Thursday's US CPI release. As the Dollar picks a direction, so
The price for gold has been highly volatile in the range between 2,640.00 and 2,670.00, as various US data sets were being published. In general, the commodity price appears to be consolidating. Economic Calendar Analysis This week, the markets could react to the publication of the US Federal Reserve Meting Minutes on Wednesday at 18:00 GMT. On Thursday, the top event of the
The decline of the price of Gold found support in the combination of the 2,630.00 level and the 200-hour simple moving average. These levels were enough to cause a surge of the metal to the 2,670.00 level, where it encountered resistance. On Wednesday, the pair had declined to look for support in the moving averages. Economic Calendar Analysis On Thursday, the Institute
On Friday, the price of gold revealed a resistance zone at 2,680.00/2,685.00. The reveal coincided with the release of US fundamental data that caused a decline down to the support of the 2,650.00/2,655.00 range. The rate fluctuated between these two levels until US PCE data provided future direction. Further direction is downwards. Moreover, a channel down pattern has been spotted. Economic
As the US Dollar continues to weaken, the price for of gold continue to grow. By mid-Wednesday, the price had touched the 2,670.00 level and retraced to find support at 2,650.00/2,655.00. Economic Calendar Analysis On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact
The price for gold has managed to break the 2,600.00 level's resistance. By late Monday's trading, the commodity price had reached the 2,635.00 level. In the meantime, it was spotted that the 2,620.00 level was providing support. Economic Calendar Analysis On Tuesday, the CB Consumer Confidence index might impact the markets via an adjustment of the US Dollar's value at 14:00 GMT.
During the Federal Reserve rate cut and the follow-up press conference, the price of gold confirmed the 2,600.00 mark as resistance and then support at 2,550.00. After the fundamental volatility, the price recovered and by late Thursday was testing the resistance of the 2,590.00/2,600.00 range. Economic Calendar Analysis On Friday, watch the Japanese Yen during the Asian session. The Bank of Japan
The price for gold almost reaches the 2,600.00 mark on Friday. However, the price has clearly encountered resistance at 2,590.00. Meanwhile, support is found at 2,575.10/2,577.50. In general, the commodity is consolidating before making the next move. Economic Calendar Analysis This week, the top event of them all is scheduled. On Wednesday, at 18:00 GMT, the US Federal Reserve is set to
Gold has finally managed to break above 2,530.00. A new high has been booked at 2,555.00, which is acting as resistance. Meanwhile, the price is finding support at 2,545.00. Economic Calendar Analysis This week's notable events are over. XAU/USD short-term forecast An extension of the ongoing surge could encounter resistance in any of the round price levels. However, it is most likely that
The price of gold has once again failed to pass above the all-time-high level range near 2,530.00. The price has bounced off the resistance and revealed a new support range at 2,485.00. This range has caused a recovery of the metal up to 2,500.00. Economic Calendar Analysis This week, on Wednesday, the markets will move at 12:30 GMT due to the release
The price of gold passed all marked support levels and a broader decline was expected. However, the price once again has found support in the 2,470.00 level. A zone has been marked near this level. On Thursday, the price had recovered and returned above the 2,500.00 mark. It was assumed that the rate could soon reach the 2,530.00 high level zone. Economic
On Monday morning, the price of gold shortly traded below the support range that surrounds the 2,500.00 mark. However, by midday, the price was back to fluctuating around the round price level. Economic Calendar Analysis Notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar. On Wednesday, at 14:00
Since Monday, the metal's price has made four attempts to pass the 2,530.00 level. The attempts failed. Meanwhile, it was spotted that the hourly simple moving averages are failing to impact the metal. However, the commodity price keeps finding support near 2,500.00. The prior potential scenario descriptions remain valid. Economic Calendar Analysis Next week, notable events start on Tuesday. At 14:00 GMT, the
This week, the metal's price has made two attempts to pass the 2,530.00 level. Both attempts failed. Meanwhile, it was spotted that the hourly simple moving averages are failing to impact the metal. However, the commodity price keeps finding support near 2,500.00. Economic Calendar Analysis On Thursday, the US Preliminary GDP data publication might move the markets. The market consensus is taht
Despite declining on Thursday, the price for gold eventually found support in the 2,470.00 mark. Since then, a recovery has taken place. On Friday, the speech by Jerome Powell added strength to the recovery. By mid-Monday, the commodity price was approaching the all-time high levels near 2,530.00. Economic Calendar Analysis This week, the markets might move due to various publications. On Tuesday,
In general, the price for gold continues higher, as it surges step by step. Namely, a new high is reached then the price retreats to find support in a prior high level, before resuming the surge up to a higher high level. Economic Calendar Analysis The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting
The 2,500.00 mark was broken on Friday. However, the event has been followed by a decline of the commodity price. Moreover, the decline has reached below 2,500.00. Economic Calendar Analysis The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by
The price for gold has finally hit the 2,500.00 mark. The commodity reached the new high level by breaking the resistance ranges of prior high levels that had kept the price down since August 11. However, note that the 2,500.00 mark is acting as resistance. The round price has caused a decline, which resulted in the metal looking for support
New resistance and support ranges have been marked on the chart. These ranges have impacted the commodity price throughout August. Most recently, the metal has retreated to the 2,440.00 level, after a third failed attempt to approach the all-time-high levels. Economic Calendar Analysis This week, on Tuesday, watch the publication of the United States Producers Price Index at 12:30 GMT. This data