Gold reaches new low level

Note: This section contains information in English only.
Source: Dukascopy Bank SA

The yellow metal's price has declined to the 1,450.00 mark. In general, the decline continues.

In regards to the near term future, another drop or consolidation is expected.

Economic Calendar Analysis

This week, US data is set to impact the price of gold through the value adjustments of the USD.

On Wednesday, at 13:30 GMT the US Consumer Price Index and Core Consumer Price Index are set to be published.

The US PPI and Core PPI data sets are scheduled to be released on Thursday at 13:30 GMT. This is a minor data release, but still worth taking into account.

On Friday, the US Retail Sales data sets will be out at 13:30 GMT.

The week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.


XAU/USD short-term forecast

Yesterday, the XAU/USD exchange rate declined to the psychological level at 1,450.00. During Tuesday morning, the rate was testing the given level.

Note that gold is pressured by the 55– and 100-hour moving averages, currently located at 1,460.59 and 1,470.62 respectively. Thus, it is likely that the price for gold could go downwards within the following trading session.

However, if the given psychological level holds, the yellow metal could likely trade sideways against the US Dollar in the nearest future. Also, it is unlikely that bulls could prevail, and the rate could exceed the monthly S1 at 1,475.18.

Hourly Chart



On the daily candle chart, gold has also passed the support of the 100-day simple moving average.

It is heading to the lower trend line of a dominant pattern, which could be met until the start of December.

Daily Chart


Long position volume proportion increases

On Monday, 56% of volume was in long positions. Namely, the SWFX sentiment was bullish.

By the middle of Tuesday's trading, the sentiment was 59% long.

Meanwhile, in the 1000 base point range around the current metal's price the pending orders were neutral– 51% of orders were to buy and 49% to sell.

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