Gold reaches above 1,800.00

Source: Dukascopy Bank SA
The price of gold found enough support in the 200-hour simple moving average to surge and pass the 1,800.00 level together with the 55 and 100-hour simple moving averages, which strengthened the round price level.

On Thursday morning, the price was testing the resistance of the 1,805.00 level.

Economic Calendar Analysis



At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD.

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

If the price continues to surge, it would most likely test the resistance of the 1,810.00 level, which reversed the metal's recovery on Monday.

On the other hand, a decline of the metal could find support in the combination of the 55 and 100-hour simple moving averages above the 1,795.00 level. Below the 1,795.00, the 200-hour SMA at 1,786.00 might once again act as a support level.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the yellow metal's price has broken and passed the resistance of the 100 and 200-day simple moving averages near 1,793.00.

In the meantime, a channel up pattern was spotted, which has guided the price since late September. If the pattern holds, the price could return to the 1,830.00 mark.

Daily Candle Chart


Traders are almost neutral

Since Monday, the sentiment on the Swiss Foreign Exchange was 53% bullish, as 53% of open position volume was in long positions.

Meanwhile, on Thursday, in the 1000-pip range around the metal's price pending trade orders were 63% to buy the precious metal.

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