Gold remains above 1,940.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
During the past trading sessions, gold has been finding support in the 1,940.00 mark. Meanwhile, resistance appears to be provided by the 50-hour simple moving average not the 1,952.00/1,955.00 range or the 1,950.00 mark. On Monday, the 50-hour SMA was located near 1,945.00.

Economic Calendar Analysis



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

In the near term future, the 50-hour simple moving average might push the price down and through the support of the 1,940.00 mark. Below the 1,940.00 level, the 1,934.50 level could act as support due to it stopping a notable decline in March.

On the other hand, a failure of the moving average could result in the pair testing the 1,950.00 mark and the 1,952.00/1,955.00 range. In addition, take into account the descending 100-hour simple moving average near 1,955.00 and the 200-hour SMA near 1,965.00.

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.

If the metal continues to trade sideways, the support trend line might push it upwards, or be broken and cause a drop to the prior support and resistance range above 1,900.00.

Daily Candle Chart


Gold traders are long

On Monday, gold traders were bullish, as 58% of open positions were long.

Meanwhile, pending trade orders in the 1000 point range around the current price were 59% to buy the metal.

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

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