The resistance zone of 1,953/1,965.70 held out since the middle of Tuesday. At mid-day on Wednesday, the resistance caused a drop, which retraced back down to the 1,930.00 level. In the meantime, the support of the hourly simple moving averages had approached the commodity price. Economic Calendar Analysis On Wednesday, the FOMC Meeting Minutes are set to be released at 19:00 GMT. On
The resistance of the 1,935.00 level failed on Monday. Moreover, by the middle of Tuesday's trading, the rate had confirmed the level as support and started a surge. The surge was expected to test the November high levels, which were located from 1,953.00 to 1,965.70. Economic Calendar Analysis The first week of the year is bound to have notable data releases. The top
Previously, gold was squeezed in on the daily candle chart. This resulted in a break-out. The break-out moved up and broke the long term channel down pattern, which guided the metal's price since August. In regards to the short term forecasts, the rate was testing the resistance of the 1,935.00 level. Future depended on whether or not this resistance level holds. Economic
Since the late hours of Monday's trading up to the start of Tuesday's US trading, the commodity price was kept up by the 200-hour SMA. In the meantime, the metal's price was reaching higher highs after each bounce off from the support of the simple moving average. Economic Calendar Analysis The first week of the year is bound to have notable data releases.
After two tests to pass the resistance zone that starts near the 1,900.00 level, the yellow metal's price retreated on Monday to the support of the 200-hour simple moving average. Since the late hours of Monday's trading up to the start of Tuesday's US trading, the commodity price was kept up by the 200-hour SMA. Economic Calendar Analysis On Thursday, at 13:30 GMT,
At midnight to Monday GMT hours, the yellow metal made an attempt to pass the resistance zone that starts below the 1,900.00 level. The price's attempt to surge was stopped by the 1,900.00 level's psychological resistance. It resulted in a decline to the 200-hour SMA, which has kept the price up since December 16. By the start of US trading hours,
As it was expected, due to the rate passing the support of the 100-hour SMA, the rate reached the combined support of the 23.60% Fibonacci retracement level and the 200-hour simple moving average. On Wednesday, the rate was recovering from the support of these levels and could soon approach the resistance of the 55-hour SMA, which kept the metal down throughout
Since the middle of Monday's European trading hours, the yellow metal has traded between the 55 and 100-hour simple moving averages. The situation changed on Tuesday morning, as the rate passed the support of the 100-hour SMA. However, this did not result in the previously expected decline to the support of the 23.60% Fibonacci retracement level at 1,860.60 and the
After reaching above the 1,905.00 mark, the yellow metal's price plummeted on Monday morning, as it reached back to the support of the 200-hour simple moving average at 1,855.58. From that level, the rate retraced back up to trade between the support of the 100-hour SMA and the resistance of the 55-hour SMA. Future forecasts were based upon which of the
The XAU/USD exchange rate touched the 1,895.00 level. In general, the metal's price was expected to test the resistance of the 1,900.00 level, which could force the rate into a consolidation by either trading sideways or retracing back down. Economic Calendar Analysis There are no more notable events for the metal this week. However, during Thursday's trading hours the next week's event
The surge of the metal that occurred after confirming the 1,850.00 level as support reached above the 1,895.00 level by the start of Thursday's US trading hours. In general, the metal's price was expected to test the resistance of the 1,900.00 level, which could force the rate into a consolidation by either trading sideways or retracing back down. Economic Calendar Analysis There are
The surge of the yellow metal's price reached the resistance of the 1,865.00 mark at mid-day on Wednesday. This round price level provided resistance, which forced the metal into a decline. The following decline reached the previous resistance zone that surrounds the 1,850.00 level and confirmed it as support. During early US trading hours, the metal was resuming its surge. Economic Calendar
At mid-day on Tuesday, the yellow metal's price broke the resistance zone that surrounds the 1,850.00 psychological level. Next technical resistance, which the price could test would be the 23.60% Fibonacci retracement level at 1,860.60. Future forecasts were based upon what would happen at the 1,860.60 level. Namely, whether or not the resistance level holds. Economic Calendar Analysis On Wednesday, the US Retail
On Monday, the yellow metal was piercing the support of the December low level of 1,825.00. However, the 1,820.00 level provided support that stopped the price from declining. By the start of the US trading hours, the commodity price had retraced back up tot eh 1,835.00 level. Economic Calendar Analysis On Wednesday, the US Retail Sales and US Core Retail Sales could
The yellow metal continued to trade between the 1,825.00 and 1,850.00 levels, as it had done since late Wednesday. The only new update to the wide sideways trading was that the 55-hour SMA had approached the rate and done nothing. In addition, the price had begun to ignore the 200-hour SMA that provided support on Wednesday and Thursday. Economic Calendar Analysis On Wednesday,
As previously forecast, the price for gold ended fluctuating sideways. It did so with a decline and fulfilled one of the scenarios outlaid on Wednesday. Namely, the bullion reached the support of the 1,825.00 mark and the 200-hour simple moving average. By the start of Thursday's US trading hours, the commodity price had bounced off the support zone for a second
At mid-day on Wednesday, the support of the 23.60% Fibonacci retracement level and the 55-hour simple moving average failed to keep the price for gold up. By the middle of the day's US trading hours, the commodity had passed below the 100-hour SMA and reached the support of the 1,840.00 mark. The 1,840.00 mark paused the price's decline and even caused
After surging above the resistance of the 23.60% Fibonacci retracement level at 1,860.59 on Monday, the yellow metal's price was finding support in the retracement level. Throughout Tuesday's trading hours, the commodity price traded sideways between the mentioned support and the 1,875.00 level. Economic Calendar Analysis There are a couple of events expected that could affect the XAU/USD rate. On Thursday, the US CPI
The price for gold failed to pass the resistance of the 1,845.00 mark, as the 55-hour SMA did not manage to push the commodity up. On Monday morning, the commodity price declined and found support in the 100-hour simple moving average, which was located just above the 1,825.00 level. Economic Calendar Analysis There are a couple of events expected that could affect the
Since Thursday, the price for gold has been trying to surpass the 1,845.00 level. It is likely that the XAU/USD exchange rate could gain support from the 55-hour SMA near 1,833.00 and trade upwards. Economic Calendar Analysis On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings. Next week, there are
The bullion's price has continued to surge, as at the start of US trading hours the metal's price had touched the 1,845.00 level. It appeared that the bullion was consolidating, as it traded between the 1,835.00 and 1,845.00 levels. Economic Calendar Analysis On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP
The recovery of the yellow metal has continued, as on Wednesday the price of the commodity reached the 1,830.00 level. This level previously provided both resistance and support to the price on November 23 and 24. Economic Calendar Analysis On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment
The yellow metal has ended its half month long decline. It was indicated by the fact that the channel down pattern, which guided the price since November 18, was broken on Tuesday morning. Economic Calendar Analysis On Tuesday, the price could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. On Wednesday and Thursday, the markets are unlikely going
On Monday, Dukascopy Analytics spotted a channel down pattern, which has been guiding the yellow metal's price decline. In the meantime, the commodity price had ended trading sideways above the 1,800.00 level and passed below it. Economic Calendar Analysis On Tuesday, the price could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. On Wednesday and Thursday, the markets