Gold ends sideways trading

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has ended its broad sideways trading by declining below the 1,955.00 level. Moreover, the following decline reached as low as 1,940.00. However, by mid-Friday, the price had returned and was testing the 1,952.00/1,955.00 range's resistance.

Economic Calendar Analysis



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

Next week, watch for the US ISM Manufacturing PMI on Thursday at 14:00 GMT and the Friday's release of the US Unemployment data at 12:30 GMT.

XAU/USD short-term forecast

A move above the 1,955.00 level and the 50-hour simple moving average might result in the pair resuming fluctuating in the previous range. Meanwhile, note that the 100 and 200-hour simple moving averages could act as resistance near 1,960.00 and 1,970.00.

However, a decline of the commodity price might be slowed down by round price levels like 1,945.00 and 1,940.00. In the meantime, the price has not found support in the March low levels at 1,944.25 and 1,934.50.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the decline has found support in the 100-day simple moving average at 1,940.00. Below the SMA note the support line of the channel up pattern, which captures the surge of the commodity price since October.

Daily Candle Chart


Gold traders are 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.

On Thursday, positions were 55% long and orders were 62% short.

By mid-Friday, traders were 57% long, but orders were 55% to sell.

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