XAU/USD raised to 1,510.00

Source: Dukascopy Bank SA

During Friday morning, the XAU/USD exchange rate was trading sideways in the 1,510.00 area.

Economic Calendar Analysis

This week, there are no scheduled events left, which could cause an increase of volatility in the XAU/USD pair. 

Next week, there are only three events that could affect the XAU/USD pair.

On Tuesday, December 31, the US CB Consumer Confidence will be published at 15:00 GMT.

On Friday, January 3, the ISM Manufacturing PMI survey results will be released at 15:00 GMT.

At the same day, the FOMC Meeting Minutes data will be published at 19:00 GMT.

Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.


XAU/USD short-term forecast

During previous trading sessions, the XAU/USD exchange rate breached the long-term ascending channel north and reached the 1,500.00 level. During today's morning, the rate was trading at the given level.

From the one hand, it is likely that yellow metal could trade sideways against the US Dollar in the short term.

From the other hand, the price for gold could continue to raise within the following trading session. A possible upside target is the 1,520.00 level. It is unlikely that bears could prevail in the market, and the exchange rate could decline lower than the 100-hour SMA, currently located at 1,491.65.

Hourly Chart



On the daily candle chart, the commodity price surpassed the 55- and 100-day moving averages. Also, note that the rate reversed north from the upper boundary of the long-term ascending channel. Thus, it is likely that some upside potential could prevail.

Daily Chart


Traders are neutral on gold

On Friday, on the Swiss Foreign Exchange 54% 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 bullish – 67% of orders were to buy and 33% to sell.

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