Gold surges higher, traders close long positions

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has managed to reach above the July resistance zone at 1,771.30/1,773.10. At midnight to Tuesday, GMT hours, the price bounced off the resistance of the 1,780.00 level. During the first half of the day's trading, the price for the metal was fluctuating between the 1,770.00 and 1,780.00 levels.

Economic Calendar Analysis



On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.

On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.

XAU/USD short-term forecast

In the case of a surge of the price above 1,780.00 gold might encounter resistance in the 1,784.10/1,785.00 resistance zone and the 1,786.65 level.

On the other hand, a decline of the metal might find support in the 50-hour simple moving average near 1,767.50, prior to looking for support in 1,765.00 and 1,760.00 levels.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the price for gold might encounter resistance in the 50-day simple moving average near 1,790.00. Higher above, note the upper trend line of a channel down pattern and the 1,800.00 mark.

Daily Candle Chart


Long sentiment declines

On Tuesday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 88% to sell the precious metal.

During the middle of Monday's trading, the positions were 67% long and orders were 80% to sell. Traders have continued to close long positions.

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