Gold consolidates at 1,720.00/1,730.00

Source: Dukascopy Bank SA
In the aftermath of almost touching the 1,740.00 level, the price for gold declined. On Monday morning, the pair was trading sideways between the 1,720.00 and 1,730.00 levels.

Economic Calendar Analysis



This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.

In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.

XAU/USD short-term forecast

In the case of a decline of the commodity price, support might be found in the 50, 100 and 200-hour simple moving average combination near the 1,710.00/1,715.00 levels. Further below, the 1,700.00 mark is expected to act as support.

On the other hand, a surge of the bullion might encounter resistance in the 1,740.00 level, before approaching the resistance zone at 1,743.85/1,752.60.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, historical support zones and low levels can be observed, as they are marked. Below the 2021 low level note the supporting trend line of the 2022 descending channel pattern.

Daily Candle Chart


Most traders are long on gold

On Thursday, the sentiment on the Swiss Foreign Exchange was 68% bullish. Namely, 68% 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.

On Monday, the open positions were 70% long and pending orders were 65% to buy.

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