Gold approaches 1,900.00 level

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold has been declining and reaching below one support level after another. This week, it appeared that the commodity price could reach the 1,900.00 mark.

Economic Calendar Analysis



The commodity price might react to the release of the US Services and Manufacturing PMIs on Friday at 13:45 GMT.

XAU/USD short-term forecast

Note that the metal's price was finding support and resistance in the 1,915.00 level during mid-March. Below the 1,900.00 mark, the 1,895.00 has acted as support and resistance also in March.

On the other hand, a potential recovery of the bullion could encounter resistance in 1,932.25, 1,940.00 and 1,950.00.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal has passed below the 100-day simple moving average and the lower trend line of the channel up pattern that has guided the price up since October.

Daily Candle Chart


Gold traders are long

On Thursday, gold traders were bullish, as 61% of open positions were long.

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

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