Gold remains above 1,950.00

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Source: Dukascopy Bank SA
The price for gold has once again bounced off the 1,955.00 level. On Wednesday morning, the price traded between the 1,970.00 and 1,980.00 level. Note that the 1,970.00 mark was being strengthened by the 50 and 100-hour simple moving averages.

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

In the case of the commodity price recovering resistance could be provided by the 1,982.00/1,984.00 range and the 200-hour simple moving average. Higher above, the 2,000.00/2,010.00 zone is expected to once again impact the price.

On the other hand, a decline of gold would have to pass below 1,970.00 and the 50 and 100-hour simple moving averages, before reaching the 1,952.00/1,955.00 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 Wednesday, gold traders were bullish, as 54% of open positions were long.

Meanwhile, pending trade orders in the 1000 point range around the current price were 62% to buy the metal.

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