On Tuesday, the yellow metal's price could be seen as trading sideways, as it was consolidating the previous decline. Namely, the metal traded between the 1,285.00 and 1,290.00 levels. Economic Calendar Analysis This week is set to be the first one of the month. Due to that reason it is set to have important data releases occurring. The notable data releases that Dukascopy Analytics
By the second half of Monday's London session the yellow metal's decline had reached the 1,285.00 level. Meanwhile, the metal's price had no technical support as low as the weekly S2 at the 1,276.65 level. Economic Calendar Analysis This week is set to be the first one of the month. Due to that reason it is set to have important data releases occurring. The
Due to the US Dollar gaining value because of fundamentals, the yellow metal's price has plummeted below the long term By the middle of Friday's trading session gold price was below 1,310.00. Moreover, the decline was expected to continue. Economic Calendar Analysis On Friday, the Canadian GDP data will be out at 13:30 GMT. It is most likely set to be the
There are two noteworthy things to highlight in the intro about the yellow metal's price. The decline caused by the passing of the support of the hourly simple moving averages has occurred. It had ended during the early hours of Thursday's trading and a surge began. The surge was caused by a long term support line. In addition, the larger scale
Gold on Wednesday traded almost flat. In general, the last three daily candles looked almost insignificant, compared to the price action last week. However, take a look at the short term analysis part. The hourly chart reveals some new information. Economic Calendar Analysis As it is accustomed, the last week of the month is set to be quiet for fundamental macroeconomic data releases. The
The metal has continued to trade between the simple moving averages of the hourly chart. By the middle of Tuesday's trading, gold was signalling that a decline might occur soon. Namely, the metal pierced the support of the 200-hour SMA, which revealed that it lacks the strength to keep it from declining. Moreover, the 55-hour SMA was pushing the price through
Gold prices are following the simple moving averages of the hourly chart. Namely, the 55-hour SMA is providing resistance. Meanwhile, the 200-hour SMA has been supporting the metal. In general, the two levels are expected to meet in the near future and cause a break out. Economic Calendar Analysis As it is accustomed, the last week of the month is set to be
The decline of the metal had extended on Friday. Namely, gold prices had fallen to the levels just above 1,320.00. The price managed to pass the support levels at 1,330.00 and they plummeted immediately afterwards. On Friday, the last support before the 1,310.00 level was the 200-hour simple moving average at 1,322.15. Economic Calendar Analysis The week will end with the Canadian Core Retail
On Thursday gold prices declined lower, as the metal was consolidating its gains in the aftermath of the previously experienced sudden jump to the 1,345.00 level. However, the current decline was longer than the consolidating decline, which followed the last week's surge upwards. Meanwhile, the lower trend line of an ascending pattern was providing support together with the 100-hour SMA at the
As expected, the metal has reached the 1,340.00 level. Although, it has happened a lot sooner than initially assumed. Note that the surge was almost vertical. This indicates that there should be a period of trading sideways. Meanwhile, take note that the previous sideways consolidation was short lived and the surge quickly resumed. Economic Calendar Analysis This week will have various data releases
The surge of the metal continues. It has reached the 1,330.00 level on Tuesday. From a technical analysis perspective with the system that Dukascopy Analytics uses, the metal has no resistance and can easily surge as high as 1,340.00 during this week. However, hourly simple moving averages are indicating that the commodity is overbought. The price is far above the average
On Monday, the metal broke a resistance line of a large scale pattern and surged above the 1,325.00 level. This event signals that the commodity price will continue to surge higher. However, simple moving averages indicate that the recent surge has brought the metal into the overbought zone. Economic Calendar Analysis This week will have various data releases in various countries that will
During Friday morning hours, the yellow metal was supported by the 100-hour and the 200-hour simple moving averages to push the rate to surge towards the 1,314.00 level. Economic Calendar Analysis This week will be busy for macroeconomic data releases. With the exception of Tuesday, on each day there is a notable data release. On Tuesday the heads of Bank of England and
During Thursday's morning hours, the gold passed the support level of the monthly pivot point at the 1,308.46 mark to decline towards the medium pattern line at 1,302.00. Economic Calendar Analysis This week will be busy for macroeconomic data releases. With the exception of Tuesday, on each day there is a notable data release. On Tuesday the heads of Bank of
During Wednesday morning hours, the gold was supported by the 55-hour and the 100-hour simple moving averages at the 1,310.40 mark. In general, the rate was expected to surge up to a combination of resistance lines at 1,316.00. Economic Calendar Analysis This week will be busy for macroeconomic data releases. With the exception of Tuesday, on each day there is a notable
The yellow metal continued to trade with high volatility. However, it can be seen that the commodity price has revealed new patterns. In general, the rate was expected to surge up to a combination of resistance lines at 1,316.00. Economic Calendar Analysis This week will be busy for macroeconomic data releases. With the exception of Tuesday, on each day there is a notable
On Monday the yellow metal's price declined down below all notable support levels on the hourly chart. The move was unexpected from a technical analysis perspective, as the pair had surged above many resistance levels, signalling a surge and triggering the stop losses of short positions. Economic Calendar Analysis This week will be busy for macroeconomic data releases. With the exception of Tuesday,
On Friday morning the yellow metal was testing the resistance of various technical levels. If it break them, a surge up to the 1,320.00 levels could occur. Meanwhile, a new ascending pattern has been added to the daily chart. Economic Calendar Analysis The Canadian Employment data release will occur today at 13:30 GMT. Meanwhile, take into account that at 09:30 GMT on Monday the
Gold prices have increased volatility on Thursday by suddenly dropping and then getting back up. However, that is not the most important thing to note on the charts. The metal has revealed a descending pattern channel. The fluctuations occurred exactly in its borders. This signals that a decline is set to occur in the medium term. Economic Calendar Analysis The only notable event
On Wednesday gold prices remained in the previous range. It traded between 1,310.00 and 1,315.00 levels. In general, the previous forecast remains in force. Although, note that the 200-hour simple moving average has approached the commodity from below. Economic Calendar Analysis The price of gold is unlikely going to be influenced by macroeconomic data releases this week. However, traders might take advantage of
The yellow metal's price was fluctuating in a five dollar range on Tuesday. It attempted to recover, but was quickly forced downwards by the 55 and 100-hour simple moving averages. The simple moving averages are the main guide from a technical perspective at the moment. Economic Calendar Analysis The price of gold is unlikely going to be influenced by macroeconomic data releases this
On Monday, the yellow metal was retreating down to face support levels near the 1308.00 level. Meanwhile, note that the recent decline is occurring as a consolidation of previous gains. Economic Calendar Analysis There are various minor data releases scheduled for this week, which are unlikely going to influence the financial markets. However, there is one event that is set to take
After touching the low levels below the 1,280.00 mark gold has retraced back up to the resistance of a descending channel pattern. Main attention is set on this lone trend line at the 1,285.00 level and the approaching resistance of the 200-hour simple moving average, which during the middle of the day was located at the 1,286.00 level. Latest Notable Fundamental Event The
On Thursday, gold prices had clearly passed the support of a long term ascending pattern. It is signalling that the metal's price will decline. If the daily chart gets looked at, it can be observed that the commodity price has no support, as low as the monthly P Latest Notable Fundamental Event The Federal Reserve releases US FOMC Meeting Minutes where fed officials