Gold fails at passing 1,875.00

Source: Dukascopy Bank SA
Since early Tuesday trading hours, the yellow metal's price was testing the resistance of the 1,875.00 level. After three attempts to pass the metal, the metal began a decline.

By the middle of Wednesday's trading, the commodity had reached the 1,860.00 level and had passed the 55-hour simple moving average.

Economic Calendar Analysis



On Wednesday, the price could move due to the FOMC Meeting Minutes at 18:00 GMT. The value of the US Dollar might be impacted by new information revealed by the US Federal Reserve.

Click on the link below to find out more about the data releases of this and other currency exchange rates.

XAU/USD short-term forecast

In the near term future, the price could look for support in the 1,860.00 level and the May 15 and February high level at 1,855.00. If these levels fail to hold, the 1,850.00 mark and the 100-hour simple moving average could stop a decline.

On the other hand, a potential surge would most likely once again test the resistance of the 1,875.00 mark.

Hourly Chart

XAU/USD daily charts review

On the daily chart, the metal has broken the resistance of the 1,850.00 mark and the 200-day simple moving average, which was strengthening the round price level.

In the meantime, on Thursday, it was spotted that the price has been surging in a channel up pattern since the start of April. Most recently, the metal had reached the upper trend line of this pattern.

Daily Candle Chart


Long sentiment starts to appear

On Wednesday, the sentiment on the Swiss Foreign Exchange was 53% bullish, as 53% of open position volume was long.

On Tuesday, the sentiment was neutral, as 50% were to buy and 50% were to sell.

On Wednesday, in the 1000-pip range around the metal's price the pending orders were 67% to buy the metal.

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