Despite declining on Thursday, the price for gold eventually found support in the 2,470.00 mark. Since then, a recovery has taken place. On Friday, the speech by Jerome Powell added strength to the recovery. By mid-Monday, the commodity price was approaching the all-time high levels near 2,530.00. Economic Calendar Analysis This week, the markets might move due to various publications. On Tuesday,
In general, the price for gold continues higher, as it surges step by step. Namely, a new high is reached then the price retreats to find support in a prior high level, before resuming the surge up to a higher high level. Economic Calendar Analysis The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting
The 2,500.00 mark was broken on Friday. However, the event has been followed by a decline of the commodity price. Moreover, the decline has reached below 2,500.00. Economic Calendar Analysis The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by
The price for gold has finally hit the 2,500.00 mark. The commodity reached the new high level by breaking the resistance ranges of prior high levels that had kept the price down since August 11. However, note that the 2,500.00 mark is acting as resistance. The round price has caused a decline, which resulted in the metal looking for support
New resistance and support ranges have been marked on the chart. These ranges have impacted the commodity price throughout August. Most recently, the metal has retreated to the 2,440.00 level, after a third failed attempt to approach the all-time-high levels. Economic Calendar Analysis This week, on Tuesday, watch the publication of the United States Producers Price Index at 12:30 GMT. This data
The price of gold is testing the resistance of the 2,450.00 mark. It appears that there is a sort of resistance zone at 2,450.00/2,460.00. Economic Calendar Analysis This week, on Tuesday, watch the publication of the United States Producers Price Index at 12:30 GMT. This data release will provide an insight into US inflation situation. Note that producer price increases are usually
Gold has managed to recover and surged to the 2,430.00 level. During the recovery, it was observed that the metal mostly ignored the hourly simple moving averages. Round price levels have a larger impact on the commodity price. Economic Calendar Analysis There are no more notable events scheduled for this week, XAU/USD short-term forecast An extension of the ongoing recovery is expected to
The price of gold declined due to the broad asset sell off. However, the price eventually found support in the 2,370.00 level. By mid-Wednesday, it has once again returned to trade near 2,400.00. Economic Calendar Analysis This week lacks notable events. The only event that could cause a market reaction is the publication of the weekly US Unemployment Claims on Thursday at
The US Bureau of Labor Statistics has published the monthly employment data. Released data has shown a major increase in unemployment. The US Dollar index reacted to the news by sharply declining. Average Hourly Earnings were forecast to show a monthly increase of 0.3%. The actual income change is just 0.2%. Non-Farm Employment Change was expected to show a reading of
The price for gold managed to break the 2,400.00 level and the three hourly simple moving averages. The event was followed by a surge to the 2,450.00 level, which was eventually broken. Meanwhile, round price levels were observed as acting as support and resistance. The surge coincided with a broader US Dollar's weakness that was caused by US Federal Reserve rate
In general, the situation has not changed over the weekend. The price for gold is testing the resistance of the 2,373.70/2,400.00 range. Economic Calendar Analysis On Tuesday, the combination of the US CB Consumer Confidence index and the JOLTS Job Openings might create a move of the USD that would impact the financial markets. On Wednesday, market participants are set to ignore
Despite passing above simple moving averages, the price for gold experienced a sharp decline on Wednesday afternoon. The price declined to the support of the 2,373.70/3,400.00 range. Afterwards, on Thursday afternoon, the publication of the much higher than expected US GDP caused a drop of the commodity price below the range. Moreover, the range was confirmed as resistance and the
The 2,390.00/2,400.00 range eventually held and provided support to the price for gold. However, it was pierced at mid-Tuesday. Due to this reason the range is being adjusted to 2,383.70/2,400.00. On Wednesday, the recovery faced the resistance of the 100-hour simple moving average and the 2,420.00 level. Economic Calendar Analysis On Thursday, the US Advance GDP might impact the markets via an
The price for gold broke above the prior all-time-high level. However, the follow up surge eventually ended near the 2,480.00 mark. The 2,481.00/2,483.85 range was confirmed as resistance. Since these events, the price for gold has established a channel down pattern that has guided the price back below 2,400.00. Meanwhile, Dukascopy traders have remained 75% short since the start of
The price for gold found enough support in the 2,350.00 to start a recovery. Afterwards, the price for Gold gained additional strength from the US CPI. By Monday, July 15, the commodity price was heading to the 2,450.00 level which mark's the all-time-high. Economic Calendar Analysis On Tuesday, watch the publication of the US Retail Sales at 12:30 GMT. The markets
US employment data further weakened the US Dollar. The price for gold reacted to the news by surging and almost reaching the 2,400.00 mark. However, the resistance worked and the rate was descending and consolidating while looking for support. On Monday, the support appeared to be found in the 2,370.00 level and the 50-hour simple moving average. Economic Calendar Analysis This
The price for gold was facing the resistance of the 2,340.00 level and continued to fail at all attempts to reach above it. Meanwhile, the 100-hour simple moving average was acting as support. On the daily candle chart, there was another squeeze going on. However, the technical chart was just representing the fundamentals. The markets were waiting for what the
The 2,300.00 mark acted as support and the price for gold has managed to recover. The commodity has encountered some resistance in the 2,330.00 level, before approaching the 2,400.00 level. On Monday, the price was making its second attempt to reach above the 2,340.00 level. Meanwhile, the price ignored the 50, 100 and 200-hour simple moving averages. Economic Calendar Analysis Monday's
The price for gold has failed to show a broad recovery, as fundamentals beat it down on June 21. By June 26, the price was heading back to the 2,300.00 mark. Economic Calendar Analysis This week, watch out for the US Core PCE Price Index release on Friday at 12:30 GMT. The inflation measure is bound to impact the financial markets
Initially, gold dropped due to it being revealed that the Chinese central bank is no longer buying up the metal to keep in reserves. The Chinese had been buying for 18 months straight. Then on June 07 it was revealed that the US Labor market is doing better than expected, which indicates that the US central bank can keep the
Gold failed to reach the 2,360.00 level on Monday. It appears that the 2,350.00 level was strong enough to force the metal into a retreat. By mid-Tuesday, the commodity traded below the 2,330.00 level and the combined resistance of the 50 and 100-hour simple moving averages had stopped an attempted recovery. Economic Calendar Analysis This week, the markets will watch the
The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. US Dollar index reacted to the news by dropping 0.18% and extending a prior decline. On the gold price charts it caused a recovery that
The recovery of gold stopped at 2,360.00. The level held and caused a decline back to the 2,326.60/2,334.40 range that has acted as support. Economic Calendar Analysis On Thursday, at 12:30 GMT the publication of the United States Preliminary GDP and Unemployment Claims could impact the market via a move of the USD. On Friday, the top event of the week will take
The decline from the 2,450.00 level was larger than any short sellers expected, as on Friday the price was below 2,330.00. However, this week, the metal started to recover, as the short selling did not continue further below 2,330.00. Economic Calendar Analysis This week, the markets will concentrate first on the US CB Consumer Confidence release on Tuesday at 14:00 GMT. A