Gold price recovers on Friday

Source: Dukascopy Bank SA
Due to the recent decline of the value of the US Dollar, the price for gold has surged. By the middle of Friday's GMT trading hours, the price had passed two hourly simple moving averages and the resistance zone near 1,910.00. In addition, the commodity has broken the channel down pattern, which guided it since the middle of April.

Economic Calendar Analysis



This week's notable events for this pair are over. On Friday, macroeconomic traders might want to look at the Canadian GDP publication.

XAU/USD short-term forecast

A continuation of the price surge might encounter resistance in the 200-hour simple moving average near 1,925.00. In addition, take into account that the commodity is highly likely going to be slowed down by round price levels like the 1,920.00, 1,930.00 and 1,940.00.

However, a decline of the price might look or support in the 1,907.50/1,911.30 zone. Further below, the 100 and 50-hour simple moving averages could slow down a decline near 1,900.00 and 1,890.00.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal's price has pierced the support zone, which surrounds the 1,900.00 mark and the 100-day simple moving average. Next support on the chart is the 200-day simple moving average near 1,840.00.

Daily Candle Chart


Traders are long

Since Thursday, the sentiment on the Swiss Foreign Exchange was 61% bullish. Namely, 61% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 57% to buy the precious metal.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.