Gold trades above 1,700.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold remains in the range near the 1,720.00 level. On Monday morning, the pair bounced off the support of the 100 and 200-hour simple moving averages and started a surge. Prior to the event, the commodity price broke the support of the ascending channel pattern, which guided the last week's recovery.

Economic Calendar Analysis



On Tuesday, the US Consumer Price Index and Core Price Index are set to impact the markets through the US Dollar's value adjusting to US rate hike expectations. Namely, too high inflation is set to strengthen the USD, as the markets would expect higher rate hikes.

On Wednesday, at 12:30 GMT, the US Producer Price Index and Core Producer Price Index data will also impact the US Dollar.

Additional data will be published on Thursday, as the US Retail Sales and Core Retail Sales are set to be released at 12:30 GMT.

XAU/USD short-term forecast

If the price for gold surges, expect it to encounter resistance in the 1,730.00 mark, prior to reaching the levels near 1,750.00. The 1,730.00 has acted as resistance throughout September.

On the other hand, a decline below the simple moving averages could look for support in previous low levels at 1,705.00, 1,700.00 and 1,690.00.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, note the 2021 and 2022 low level zone at 1,675.00/1,680.00. In regards to resistance, take into account the 50-day simple moving average near 1,740.00 and the zone at 1,755.00/1,760.00.

Daily Candle Chart


Traders are long

This week, the sentiment on the Swiss Foreign Exchange was 63% bullish. Namely, 63% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 55% to buy the precious metal.

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