Gold awaits CPI release

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Since October 11, the price for gold was almost flat, as the markets expected the US Consumer Price Inflation data at 12:30 GMT. The news are set to massively impact the US Dollar's value. Subsequently, the price for gold is set to adjust.

Economic Calendar Analysis



On Thursday, the top event of the week will take place. The United States Consumer Price Index is scheduled to be published at 12:30 GMT.

On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.

XAU/USD short-term forecast

A recovery is expected to find resistance in the 1.675.00 and 1,680.00 levels, before the Tuesday's high is tested. In addition, take into account the 100 and 200-hour simple moving averages near.

In the case of a commodity price decline, the 1,657.20/1,662.50 would have to be passed, prior to the price reaching the 1,650.00 level and the support zone above 1,640.00

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the price pierced the upper trend line of the 2022 channel down pattern and the 50-day simple moving average near 1,700.00. Higher above, note the 100-day SMA near 1,740.00.

Daily Candle Chart


Traders are long with buy orders

On Wednesday, the sentiment on the Swiss Foreign Exchange was 62% bullish. Namely, 62% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 53% to buy the precious metal.

On Thursday, the positions were 61% long and orders were 56% to buy.

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