On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity. The price for gold surged on the news and broke the descending trend line that had pushed the metal down. However, the surge stopped
As the US Dollar continues to strengthen, the price for gold has declined. The USD has been strengthening due to risk on sentiment increasing after tensions in the Middle East did not escalate. Meanwhile, the talk of rising inflation in the US has been continuing, as pressure increases on the US Federal Reserve to tighten policy. Economic Calendar Analysis At 13:45 GMT,
The price for gold found support on Monday and recovered. However, the 2,400.00 mark and prior high level range is acting as resistance. Meanwhile, it has been observed that the ascending 200-hour simple moving average has acted as support and caused the most recent push up to 2,400.00. Economic Calendar Analysis This week, notable events are over. Next week, economic data could
The surge of the metal's price has surged above the 2,400.00 mark. However, resistance was found in the 2,430.00 mark and a sharp decline occurred. However, it appears that after a 100 dollar drop the price found support at 2,330.00. The follow up surge has encountered resistance in the range that surrounds the 2,350.00 level and the 50 and 100-hour
Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. However, this is not resulting in a decline of the price for gold, as markets now that the rising inflation signals a potential economic recession, if the Fed
The price for gold is experiencing a classic surge. It reaches a new round price level. The price level acts as resistance. Gold retraces back to the previous price that acted as resistance, finds support and surges to break the resistance. This repeats over and over and over during the ongoing surge. Meanwhile, from time to time the hourly simple
Since Tuesday, US central bankers have made comments that they could cut interest rates. In addition, incoming data for various sectors confirms that the Federal Reserve could reduce rates. Moreover, the head of the Fed Jerome Powell has commented that easing could be done, if inflation continues to ease. Due to this reason, the US Dollar has declined in value. On
The price for Gold has continued to move higher after finding support in 2,160.00 last week. At the start of April, the price almost reached the 2,270.00 level, before selling started. However, the metal eventually found support at 2,225.00/2,230.00. By mid-Tuesday, the price was again testing the April high levels. Meanwhile, it has been spotted that the surge might have been
On Friday, the price was finding support in the 2,161.40/2,164.90 zone. During the second part of the day's trading, the price passed below this zone. However, at 2,157.40 a rebound started. By mid-Monday, the price had recovered and traded above the 50, 100 and 200-hour simple moving averages near 2,175.00. Economic Calendar Analysis This week, the financial markets could react to a
We have marked historical support and resistance zones on the commodity price's charts. It can be observed that these ranges are still impacting the price. Most of the zones are close by a round price levels. On Friday, the price was finding support in the 2,161.40/2,164.90 zone. Economic Calendar Analysis There are no more notable events scheduled for this week. XAU/USD short-term forecast
The United States Federal Reserve announced its Federal Funds Rate. Markets expected the Fed to keep the base interest rate unchanged at 5.50%. The Fed has done exactly that. However, the US Dollar declined on the announcement, as the market participants must have seen this as a relief from possible rate hike. Namely, inflation has shown to be persistent in
The price for gold has traded below the 2,150.00/2,165.00 support range. However, it appears that he price is set to wait out near the 2,150.00 mark until the US Federal Reserve rate announcement and press conference. Meanwhile, some resistance is found in the 50, 100 and 200-hour simple moving averages near 2,155.00/2,165.00. Economic Calendar Analysis All of the financial markets will be
The surge of gold did not reach the 2,200.00 mark. Instead, the metal has been consolidating between two notable ranges. First of all is the resistance of the 2,185.00/2,195.00 range. Most recently, the price has been finding support in the 2,150.00/2,165.00 zone. On Thursday, March 14, the price declined due to the publication of the US Producer Price Index. However, the
Gold broke the ascending pattern, as the price was consolidating sideways. However, the surge has resumed and the commodity has reached the 2,160.00 level. It is clear now that round price levels impact the metal. By large, until something changes fundamentally in the US monetary policy, it is unlikely that the surge would end. In general retracements occur, price consolidates and
The surge of gold continues. Moreover, US fundamental data has boosted the gains. At exactly 15:00 GMT, the US Institute for Supply Management published its Purchasing Managers Index. The markets expected the index to show good conditions in the sector, but the actual data disappointed. Due to this reason the US Dollar sharply declined. By late Tuesday's trading, the commodity price
Gold was already heading higher in an ascending channel, as US fundamental news caused a drop of the US Dollar. The price for gold jumped and almost reached the 2,090.00 mark. There appears to be a resistance zone near that level. Meanwhile, support is found in the 2,080.00 level. Economic Calendar Analysis During the week, noteworthy events start on Tuesday at 15:00
The 2,035.00/2,040.00 range has been broken. Moreover, the prior resistance has turned into support. At the start of the month, the commodity price reached above 2,050.00, which also appeared to have acted as support. Economic Calendar Analysis During the upcoming week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing
Gold has been recovering since February 15. Most recently, the commodity price revealed that the recovery is occurring in a channel up pattern. In addition, the surge from time to time consolidates by retracing to the support of round price levels. Economic Calendar Analysis This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The
Gold has been recovering since February 15. Most recently, the commodity price has encountered resistance at 2,022.80/2,023.50. In addition, the recovery appears to have been occurring in a channel up pattern. Economic Calendar Analysis This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary
The price for gold dipped due to the release of the US CPI. The metal traded as low as the 1,985.00 mark. However, a recovery started on Thursday. the price moved above 1,995.00 and the 2,000.00 mark, before appearing to have been stopped by the 100-hour simple moving average. Economic Calendar Analysis Watch out for the release of the United States Producer
In general, the price for gold found support in the 2,020.00 mark and once again tested the 2,030.00/2,040.00 range. The range held and another decline to 2,020.00 was taking place during the second part of Friday's trading. Economic Calendar Analysis This week, there are no more scheduled events that could impact the price for gold through the value of the US Dollar. XAU/USD
The price for hold almost touched the 2,045.00 mark on Wednesday. However, US central bankers made comments that they will not cut interest rates until clear inflation decline occurs. Since inflation recently returned, it is clear that a rate decrease won't come soon. Due to this reason, the USD surged in value and price for gold dropped. By mid-Thursday, the
The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance. The events caused a drop of
The United States Federal Reserve has just published its Federal Funds Rate. As expected, the central bank has kept its base rate unchanged at 5.50%. The no change was expected. Afterwards, the markets were looking forward to the follow up press conference of the Chairman of the Federal Reserve Jerome Powell. In general, the head of the central bank stated that