Gold ignores SMAs

Note: This section contains information in English only.
Source: Dukascopy Bank SA

The yellow metal's price has broken a channel down pattern. In addition, the resistances of the 55 and 100-hour simple moving averages were passed on Friday.

Meanwhile, it was spotted that round price levels were having bigger impact on gold than the simple moving averages. Due to that reason it was more valuable to watch them.

Economic Calendar Analysis

This week there are no more data releases, which might impact this rate.

However, take into account that the first notable release of next week will be already on Monday. At 14:00 GMT the US ISM Manufacturing PMI is set to be published.

Meanwhile, next week's scheduled event historical data tables have been published. Some major moves can be expected. Click on the link below to read the article.


XAU/USD short-term forecast

As stated above, the hourly SMAs are providing limited resistance and support. Namely, on Friday the 55 and 100-hour SMAs were getting pierced after managing to provide both resistance and support for a couple of hours.

In the meantime, it was spotted that round price levels were providing more impact. For example the 1,456.00 provided support and the 1,459.50 created resistance.

In general, the price could create direction signals, by passing support or breaking resistance of a round level.

Hourly Chart



On the daily candle chart, the commodity price is heading to the lower trend line of a dominant channel up pattern.

Daily Chart


Traders stick to their positions

Since Thursday, 62% of open gold position volume was in long positions.

Meanwhile, in the 1000 base point range around the current metal's price the pending orders were set to buy– 65% of orders were to buy and 35% to sell.

The orders were 69% bullish on Thursday,

Actual Topics

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