Gold traded below 1,950.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold has extended its decline, as the commodity traded 1,945.00 per ounce during mid-Thursday.

Economic Calendar Analysis



This week, there are no notable pre-scheduled events that might impact the currency exchange rate.

Some financial news outlets note the upcoming "speech" of Jerome Powell on Thursday at 19:00 GMT. However, the head of the central bank is set to participate in a panel discussion at a research conference not give a speech. It is not normal for the head of the Fed to make notable comments at such minor events.

XAU/USD short-term forecast

An extension of the ongoing decline is set to look for support in previously notable levels like the 1,940.00 mark and the 1,932.25 level. Below these levels, round price levels could impact the price, before the 1,910.25 support would be reached.

However, in the case of a potential recovery resistance could be found in the 1,956.60/1,957.10 range and the descending 50-hour simple moving average. Higher above, take into account the 1,970.00 mark and the 100-hour simple moving average.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the price has the 1,950.00/1,965.00 range as support. The metal has to break the 2,000.00 mark to reach the high level zone at 2,065.00/2,080.00.

Daily Candle Chart


Gold traders are short

This week, the Swiss Foreign Exchange, traders were 57% short on gold, as that proportion of open Gold positions were short.

In the meantime, pending orders in the 1000 point range around the current price are 69% to sell.

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