Gold still trades near 1,850.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price of gold continued to trade around the 1,850.00 mark until a minor decline started at mid-day on Thursday. The decline occurred, as the US Dollar strengthened during the early hours of US trading.

Economic Calendar Analysis



On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.

XAU/USD short-term forecast

If the metal's price continues to decline, support might be found in the June low levels at 1,837.00 and 1,828.30.

On the other hand, a potential surge of the metal above the 1,850.00 mark and the 50, 100 and 200-hour simple moving averages is set to encounter resistance in round price levels like 1,855.00, 1,860.00, 1,865.00 and 1,870.00.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the price has been trading around the 200-day simple moving average.

In the meantime, note the resistance zone at 1,890.00/1,915.00. In addition, the 50 and 100-day simple moving averages are strengthening the resistance range.

Daily Candle Chart


Traders are long on gold

On Wednesday, the sentiment on the Swiss Foreign Exchange was 61% bullish. Namely, 61% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 59% to buy the precious metal.

On Thursday, the volume was 62% long and pending orders were 58% to sell.

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