Gold is back above 1,700.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The support of the 1,688.65/1,692.90 zone was enough to cause a surge of the commodity price to the 1,720.00 mark. During Thursday's European morning hours, the price was piercing the round price level.

Economic Calendar Analysis



This week, notable scheduled events are over. Next week's review is set to be done on Friday.

XAU/USD short-term forecast

A move of the price higher might encounter resistance in round price levels. Note the 1,725.00 level, which reversed the recovery on Monday.

However, a decline of the price could look for support in the 200-hour SMA near 1,715.00. Further below, note the 50 and 100-hour simple moving averages near 1,710.00. Afterwards, the 1,700.00 mark might act as support, before the metal reaches the 1,688.65/1,692.90 zone.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, note the 2021 and 2022 low level zone at 1,675.00/1,680.00, the 50-day simple moving average near 1,750.00 and the resistance and support zone at 1,755.00/1,760.00.

Daily Candle Chart


Sell orders are gone

On Thursday, the sentiment on the Swiss Foreign Exchange was 65% bullish. Namely, 65% 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 sell the precious metal.

On Wednesday, positions were 67% long and pending orders were 70% to sell.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.