The week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
Gold dropped on Tuesday morning down to the support of the hourly simple moving averages near 1,555.00. During the morning hours, Dukascopy Analytics did not see a clear reason for the drop in news agency news flows.
In the meantime, from a technical analysis perspective, the rate has the support of the 200-hour SMA holding it up. If the 200-hour SMA manages to cause a surge, the rate would test the 55-hour SMA at 1.558.77.
On the other hand, if the 200-hour SMA fails, the metal's price would have no technical support as low as the monthly pivot point at 1,544.31.
Hourly Chart
On the daily candle chart, the metal appears to be consolidating after the recent high levels.
Meanwhile, the pair 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 support of the daily SMAs.
Daily Chart
Traders are neutral on gold
On Tuesday, 51% of all open gold positions on the Swiss Foreign Exchange were short.
The sentiment was 52% short on Monday.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 60% of orders were to buy and 40% to sell.