Gold recovery approaches 1,940.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The recovery from the 1,890.50/1,893.60 zone continued during Wednesday's trading hours. By 15:00 GMT, the price for gold was approaching combined resistance of the 100-hour simple moving average at 1,937.50 and the 1,940.00 mark.

Economic Calendar Analysis



On Thursday, at 13:30 GMT, minor US Dollar moves could occur due to the publication of the weekly US Unemployment Claims.

The top event of the week will occur on Friday, as at 13:30 GMT the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to be published.

The week's events are scheduled to end at 15:00 GMT with the publication of the US Institute for Supply Management Manufacturing Purchasing Managers Index survey results.

Click on the link below to find out more about data releases of this and other currency exchange rates.

XAU/USD short-term forecast

If the price for gold manages to pass above the 1,940.00 level, next targets for the commodity might be the 1,950.00 mark and the late March high level at 1,966.50.

On the other hand, a bounce off from 1,940.00 is expected to look for support in the 1,930.00 and 1,920.00 levels, before approaching the 1,900.00 mark and the support zone at 1,890.50/1,893.60.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal's price has been reached by the 50-day simple moving average near the 1,896.00 level. Further below, take into account the 100-day SMA near 1,855.00 and the 200-day SMA near 1,820.00.

Daily Candle Chart


Long sentiment disappears

On Tuesday, the sentiment on the Swiss Foreign Exchange was 55% bullish, as 55% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 64% to buy the precious metal.

On Wednesday, the open positions were 53% long and pending orders were 63% to sell.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.