Gold manages to recover

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has found support near 1,935.00 and enough strength to move back above the 1,952.00/1,955.00 range, which is once again acting as support.

Economic Calendar Analysis



On June 1, watch the US ISM Manufacturing Purchasing Managers Index release at 14:00 GMT.

On June 2, the United States are scheduled to publish the monthly employment data sets. At 12:30 GMT, the Bureau of Labour Statistics will release the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate numbers.

On Monday, June 5, the US ISM Services PMI is set to be published and impact the markets though the USD value.

XAU/USD short-term forecast

If the commodity price manages to surge, it is set to face resistance in the 1,982.00/1,985.00 and 2,000.00/2,010.00 ranges. Both of these zones have acted as support and resistance.

On the other hand, a decline of the metal is set to find support in hourly moving averages, the 1,952.00/1,955.00 range, the 1,950.00 and 1,940.00 levels, and the recent low level at 1,932.25.

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 May 31, gold traders were bullish, as 57% of open positions were long.

Meanwhile, pending trade orders in the 1000 point range around the current price were 63% to buy the metal.

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