The additional support of the 50-hour simple moving average was enough to cause a move of the price for gold above the 1,879.30/1,881.60 resistance zone. Economic Calendar Analysis This week, the US Consumer Price Index release is set to dictate the short term direction of all financial markets. The data will be published on Thursday at 13:30 GMT. XAU/USD short-term forecast A
Throughout this week, the price for gold has been fluctuating between the support of the 1,867.90/1,870.40 range and resistance at 1,879.30/1,881.60. In the meantime, the 50-hour simple moving average had caught up with the commodity. Economic Calendar Analysis This week, the US Consumer Price Index release is set to dictate the short term direction of all financial markets. The data will be
On Thursday, the US Dollar strengthened due to better than expected US Unemployment Claims and ADP Non-Farm Employment data. This resulted in a decline of the price of gold down to the support of the 1,825.00 level. The support was enough to cause a recovery up to the 1,840.00 level. Economic Calendar Analysis On Friday, The United States employment data release at
The price for gold has reached above 1,850.00. On Wednesday morning, the pair touched the 1,865.00 level, which acted as resistance and the commodity retraced to look for support in 1,850.00. Economic Calendar Analysis On Thursday, the US ADP Non-farm Employment Change might impact the value of the US Dollar at 13:15 GMT. On Friday, The United States employment data release at
The price for gold continued to surge, as it eventually managed to break the 1,825.00 mark and the December high level at 1,833.20. On Tuesday morning, the commodity price reached the 1,850.00 mark. However, as the US futures markets opened, major demand for the USD caused a decline of all commodities. By mid-day, the price had retraced to the 1,830.00
Most recently the price for gold has been finding support in the 1,815.00 level an resistance was encountered at 1,825.00. In the meantime, the pair was being approached from below by the 50, 100 and 200-hour simple moving averages near 1,810.00. Economic Calendar Analysis This week, on Wednesday, the US ISM Manufacturing PMI and JOLTS Job Openings could cause an adjustment in
After the Federal Reserve hiked its base interest rate and with it strengthened the US Dollar, the price for gold declined. Since early December 15, the price has been consolidating between the 1,775.00 and 1,785.00 levels. Note that the article covers the period until the start of 2023. In the meantime, we would like to ask that feedback on the content
The Federal Reserve rate hike and following press conference caused a surge of the US Dollar. On the gold price charts it resulted in a drop below the support of the 1,805.00 level. After the event, the price declined below 1,795.00. By mid-Thursday, the price was at 1,775.00. Economic Calendar Analysis On Thursday, at 13:30 GMT, the US Retails Sales data and
The US monthly Consumer Price Inflation has increased by 0.1% instead of the forecast 0.3%. Year-on-year inflation is at 7.1%, compared to forecast 7.3%. Meanwhile, core CPI month-on-month is at 0.2% instead of 0.3%. The lower than expected US inflation caused a drop of the US Dollar. The price for gold surged and hit the 1,825.00 level due to the event.
The price for gold has passed below the support of the 100 and 200-hour simple moving averages and the 1,784.20/1,786.00 range. However, during late Monday's trading, support was found in the 1,780.00 level and the price retraced back above 1,785.00, as it ignored technical levels. The metal is ignoring technical, as the market expects the publication of the US Consumer
On Friday, the 1,803.30/1,809.90 range forced the price for gold into a decline. It was coincidental with the publication of the United States Producers Price Index being higher than expected. Namely, the higher inflation data set indicates that the US monetary policymakers might increase interest rates and thus strengthen the US Dollar. The following decline found support on Monday morning
On Friday, the price for gold managed to pass above the resistance of the 1,795.00 level. Although, by large, the situation had not changed since Thursday. Economic Calendar Analysis On Friday, at 13:30 GMT the US Producers Price Index and Core Producers Price Index are set to reveal inflation changes in the United States at the production level. In general, it is
The support of the 200-hour simple moving average was enough for the price of gold to move above the 50 and 100-hour simple moving averages and the 1,785.20/1,786.30 range. During Thursday's trading, the metal encountered resistance in the 1,795.00 level, before retracing to the zone, which appeared to have turned into support. Economic Calendar Analysis On Friday, the US Producers Price Index
The recovery from the 1,764.00/1,766.15 range found resistance in the 1,780.00 level. Afterwards, a decline appears to be finding support in the 200-hour simple moving average near 1,770.00. By mid-Wednesday, the price remained above the 200-hour SMA, as the 50-hour SMA approached from above and acted as resistance. Namely, the price is expected to get squeezed in between the
The price for gold eventually declined, as a broad asset sell off occurred on Monday. The decline passed below both support zones near 1,795.00 and 1,785.00. Eventually, the decline ended, as the commodity price found support in the 1,764.00/1,766.15 range. On Tuesday morning, the range was strengthened by the 200-hour simple moving average, which appeared to be pushing the
In general, the price for gold has increased volatility due to US fundamental events. Namely, the US employment data caused a drop below the support ranges near 1,795.00 and 1,785.00. However, a recovery followed, which reached the resistance of the 1,810.00 level on Monday morning. Economic Calendar Analysis On Monday at 15:00, the US ISM Services Purchasing Managers Index might impact the
The string of news, which have caused a decline of the USD, have propelled the price for gold above 1,800.00. The price has passed above 1,785.20/1,786.30 zone and the 1,800.00 mark. On Friday, it was assessed that the commodity was finding support in the 1,795.00 level and resistance at 1,805.00. Namely, the pair was trading around 1,800.00. Economic Calendar Analysis The week
The price for gold has surged due to the comments made by the head of the US Federal Reserve Jerome Powell. Namely, the policymaker stated that the US Fed might slow down their restrictive monetary policy implementation. Due to that reason the US Dollar plummeted against other assets. Economic Calendar Analysis On Thursday, note the Core PCE Price Index release at 13:30
At mid-day on Wednesday, the price for gold made an attempt to reach the 1,765.00 level. However, it appeared that the price failed, as it retraced to the 1,755.00 level. Economic Calendar Analysis The day will end with a speech of the US Federal Reserve Chairman Jerome Powell at the Brooking Institution in Washington at 18:30 GMT. On Thursday, note the Core PCE
The price for gold has recently been trading between the support of the 1,740.00 and resistance of 1,760.00 levels. Meanwhile, the commodity has been ignoring the 50, 100 and 200-hour simple moving averages. At mid-day on Tuesday, the price was approaching the 1,760.00 level. Economic Calendar Analysis Starting with Tuesday, the scheduled fundamental events will start to impact the financial markets. At
The price for gold encountered resistance in the 1,760.00 level on Friday morning. The event was followed by a decline, which by mid-day was passing the 1,745.00/1,750.00 support zone and the 100-hour simple moving average. Economic Calendar Analysis This week notable events are over. Next week, starting with Tuesday, the scheduled fundamental events will start to impact the financial markets. At 15:00
The release of the worse than expected US Unemployment Claims and Purchasing Managers Indices caused a decline of the US Dollar during the second part of Wednesday's trading. The worse than expected data signalled to the markets that the Federal Reserve might not hike US interest rates as steeply, as previously thought. Namely, the borrowing costs and with it demand
Throughout this week, the price for gold has fluctuated between the support of the 1,732.50/1,733.20 zone and resistance at 1,745.30/1,749.60. Meanwhile, for short periods of time the 50-hour simple moving average has managed to impact the price. Economic Calendar Analysis On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication. Later on, at
The decline of the price of the yellow metal eventually found support in the 1,732.40 level. The event was followed by a recovery, which by mid-Tuesday had approached the 50-hour simple moving average near 1,747.00. Economic Calendar Analysis On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication. Later on, at 14:45 GMT,