On Wednesday, another attempt to pass the 1,480.00 level by gold had failed. At midday, it resulted ina decline down to the 200-hour simple moving average near 1,470.58
This event was followed by high volatility between 1,470.60 and 1,475.70. Economic Calendar Analysis
This week, the pair could be impacted only by one data release. On Friday, the US Final GDP is set to be published at 13:30 GMT.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
The currency exchange rate began to trade with high volatility between the support of the 200-hour simple moving average at 1,470.60 and the resistance of three technical levels that surround the 1,475.50 level. Those levels were the 55 and 100-hour SMAs and a monthly pivot point.
In theory, the tree SMAs should provide resistance, which would cause a decline below the 1,470.00 level. On the other hand, the 200-hour SMA might hold and keep the metal trading in a five dollar range.
Hourly Chart
On the daily candle chart, the commodity price is still being pushed down by the 55-day simple moving average, which was located above the 1,480.00 level. In addition, downside pressure is added by the 100-day SMA near 1,490.00.
In the meantime, the rate has reached the lower trend line of a massively large channel up pattern. The pattern represents the surge that has occurred since September 2018.
Daily Chart
Traders are neutral on gold
On Wednesday, on the Swiss Foreign Exchange 51% of open gold position volume was in long positions.
The position proportions have been almost balanced throughout the week.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were set to buy – 58% of orders were to buy and 42% to sell.
The orders were 57% to sell on Tuesday.