Gold support and resistance are marked

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has been fluctuating between two zones throughout the US market closure on July 4. Support is found at 1,919.75/1,922.60. Resistance is provided by the 1,930.40/1,932.25 range. It was previously observed that the 1,930.00 mark acts as resistance. However, it has been continually pierced.

Economic Calendar Analysis



This week, the top event will be the FOMC Meeting Minutes publication on Wednesday at 18:00 GMT. The Meeting Minutes will reveal additional details into the US monetary policy.

On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.

On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.

XAU/USD short-term forecast

A move above 1,932.25 might be slowed down by the 1,935.00 mark. Although, it has been the case that the 1,940.00 level has been impacting the commodity price. Higher above, the 1,950.00 mark is bound to act as resistance.

On the other hand, a decline might not reach the 1,919.75/1,922.60 range, as the 50-hour simple moving average has moved above it. The SMA strengthened the 1,910.00 level and was one of the causes for the Monday's surge. In the case of the pair moving below the SMA and the 1,919.75 level, the 100 and 200-hour simple moving averages might act as support near 1,917.00.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal has found additional support in the 200-day simple moving average. Meanwhile, note that the 1,880.00 level has been marked on the chart, as it has impacted the commodity price during the last couple of years.

Meanwhile, resistance is being provided by the 50 and 100-day simple moving averages near 1,965.00. In addition, the 1,955.00/1,965.00 range was expected to act as resistance.

Daily Candle Chart


Gold traders are long

On Monday, gold traders were bullish, as 60% of open positions were long.

Meanwhile, pending trade orders in the 1000 point range around the current price were 54% to sell the metal.

On Wednesday, the positions were 59% long and orders were 51% 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.