Gold recovers 2.00%

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The 1,760.00 support zone held and caused a recovery of the price of gold. The recovery occurred with a consolidating minor decline during the Thursday's Asian trading. However, at mid-day in Europe a sharp surge of the metal started.

By 13:00 GMT, the yellow metal had recovered almost 2.00% from the Wednesday's low level.



Economic Calendar Analysis



On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT.

Click on the link below to find out more about the data releases of this and other currency exchange rates.

XAU/USD short-term forecast

In the case of a continuation of the price going up, various levels could provide resistance. First of all, this week's high level zone at 1,796.00/1,797.00 might stop a surge. Above the week's high, note the 1,800.00 mark and the 1,810.00/1,815.00 zone.

However, a decline of the price could look for support in the 200-hour SMA at 1,790.00, the 100-hour SMA near 1,785.00 and the 50-hour SMA at 1,780.00.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the yellow metal's price has moved out of the channel up pattern, which guided the price since the middle of September.

Daily Candle Chart


Long sentiment decreases

On Wednesday, the sentiment on the Swiss Foreign Exchange was 56% bullish, as 56% of open position volume was in long positions.

On Thursday, sentiment was 54% long.

Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 57% to sell the precious metal.

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