Gold reaches above 2,000.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
As the Credit Suisse saga continued, markets ran to safety. Due to this reason, the price for gold reached above 2,000.00. However, since the event, the price appears to be consolidating, as it waits for the US Federal Reserve rate announcement on Wednesday at 18:00 GMT.

Economic Calendar Analysis



On Wednesday, at 18:00 GMT, the US Federal Reserve is set to hike its Federal Funds Rate.

XAU/USD short-term forecast

A decline of the US Dollar is set to result in resumption of the metal's surge. In this case scenario, the 2,000.00 mark would once again act as resistance.

On the other hand, a decline of the commodity price is set to look for support in previous resistance levels. Namely, the February and January highs are most likely going to keep gold up at 1,960.00 and 1,949.00. In addition, note the 100-hour simple moving average.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone was observed to have started to act as support.

Daily Candle Chart


Traders are short

On Tuesday, gold traders were bearish, as 60% of open positions were short.

Meanwhile, pending orders in the 1000-pip range were 70% to buy.

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