After two attempts to pass the 1,585.00 level, the yellow metal's price began a decline. Namely, on Tuesday the price tumbled below the 55-hour simple moving average near 1,575.00.
In the near term future, the price was expected to look for support.
Economic Calendar Analysis
This week, on Tuesday, minor spike in volatility could occur due to the US Durable Goods Orders Release at 13:30 GMT.
On Wednesday, the US Federal Funds Rate is scheduled to be published at 19:00 GMT. Note that the largest moves occurred during rate cuts. This time, no rate cut is expected.
On Thursday, the US Advance GDP publication at 13:30 GMT is set to occur.
Next week's event historical data tables have been published. Click on the link below to read the article.
At midday on Tuesday, the yellow metal's price passed the support of the 55-hour simple moving average near 1,575.00.
In regards to the near term future, the price was expected to look for support in the pivot point at 1,570.61 and the 100-hour simple moving average near 1,568.00. These levels could provide the needed support for the rate to surge and pass the resistance of the 1.585.00 mark.
Hourly Chart
On the daily candle chart, the metal has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the daily SMAs.
Daily Chart
Traders are neutral on gold
Since Monday, 52% of all open gold positions on the Swiss Foreign Exchange were long. The sentiment had been near neutral throughout the last week.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish– 73% of orders were to buy and 27% to sell.