Gold price looks for support

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The bounce off from the resistance of the descending trend line eventually reached the last week's low level zone at 1,816.90/1,823.50.

Economic Calendar Analysis



On Wednesday, note the Final US Quarterly GDP data. The data release might cause minor reactions on the chart.

Later on the same day, at 13:00 GMT, the heads of the ECB, Bank of England and the Fed are set to speak at a panel titled "Policy Panel."

XAU/USD short-term forecast

If the support levels hold, a potential recovery of the commodity price might occur. A move higher could encounter resistance in the combination of the 1,830.00 level and the 50 and 100-hour simple moving averages. Higher above, note the descending trend line and the 200-hour simple moving average.

However, a move below the recent low levels might look for support in the 1,816.90/1,823.50 zone, before reaching the 1,800.00 mark.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the price has encountered resistance in the form of the 50 and 200-day simple moving averages.

Daily Candle Chart


Traders are long

On Monday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 79% to buy the precious metal.

On Tuesday, the open positions were 64% long and orders were 67% to buy.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
Per scoprire di più sulla piattaforma di Dukascopy Bank per Forex/CFD, sul SWFX ed altre informazioni relative al trading,
la preghiamo di contattarci o richiedere di essere contattato (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.
Per scoprire di più sulla piattaforma di Dukascopy Bank per Forex/CFD, sul SWFX ed altre informazioni relative al trading,
la preghiamo di contattarci o richiedere di essere contattato (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.