Gold looks for support

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has bounced off a resistance range at 1,982.40/1,984.00. By mid-Tuesday, the commodity price had reached the 1,951.90/1,954.40 range.

Economic Calendar Analysis



On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.

On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.

On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.

XAU/USD short-term forecast

A move below the 1,951.90/1,954.40 range might result in the metal's decline being almost being stopped by the 1,950.00 mark and the January high at 1,949.00. Further below, the 1,945.00 and 1,935.00 levels could stop a decline, as they have in late March.

Meanwhile, a potential recovery is expected to be slowed down by the February high at 1,960.00. The level recently acted as support and resistance, during Tuesday's early trading. A move above 1,960.00 could encounter resistance in the combination of the 50 and 100-hour simple moving average, before the price reached the 1,982.40/1,984.00 range.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the decline has passed below the 50-day simple moving average near 1,990.00 and reached the support zone above 1,950.00.

In regards to the future, note the approaching 100-day simple moving average near 1,940.00.

Daily Candle Chart


Gold traders go long

On Monday, gold traders were bullish, as 53% of open positions were long.

Meanwhile, pending trade orders in the 1000 point range around the current price were 70% to buy the metal.

By mid-Tuesday, 55% of positions was long and orders were 62% to buy.

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.