Gold shortly traded at 1,925.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold pierced the support range at 1,930.00/1,932.25 and touched the 1,925.00 level during the US release of monthly employment data. However, after the markets took in the news, it surged to the combined resistance of the 1,945.00 mark and the 100-hour simple moving average. By mid-Monday, the rate had declined back to the mentioned support range.

Economic Calendar Analysis



Watch out for the US Consumer Price Index at 12:30 GMT. The inflation data will reveal whether the Fed is managing to fight inflation or not.

On August 11, the markets will look at the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.

XAU/USD short-term forecast

A move below 1,930.00 is set to find support at 1,925.00, prior to the commodity price reaching the support range above 1,920.00.

On the other hand, a surge of gold's price is expected to face resistance in the combination of the 1,940.00 level and the 100-hour simple moving average. Higher above, take into account the 1,945.00 and 1,950.00 levels and the 200-hour simple moving average.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, in early August the metal passed below the support of the 50-day simple moving average. Next support on this chart is the 200-day SMA near 1,925.00, which caused the July surge of the commodity price.

Most recently, it was observed that the 200-day simple moving average was managing to keep the price up.

Daily Candle Chart


Gold traders are long

On the Swiss Foreign Exchange, traders are 57% bullish on gold, as that proportion of open Gold positions are long.

In the meantime, pending orders in the 1000 point range around the current price are 73% to buy.

On Friday, traders were 55% long and orders were 62% to buy.

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