Gold remains below 1,785.00

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

The yellow metal failed at the attempt to pass the resistance zone of the 1,785.00 and 1,790.00 levels.

On Tuesday, the rate declined and reached the 1,775.00 level, which was about to be supported by the 200-hour simple moving averages.

Economic Calendar Analysis



On Thursday, at 12:30 GMT the weekly US Unemployment Claims are set to be released. They could create above average volatility.

On Friday, the US Producer Price Index and US Core Producer Price Index are set to be released. In the recent past they have not caused notable volatility.

Take a look at all of the historical reaction tables by clicking on the link below.

XAU/USD short-term forecast

During Tuesday morning, the rate was testing the support formed by the 55– and 100-hour SMAs near 1,777.00.

If the given support holds, it is likely that a reversal north could occur, and yellow metal could re-test the predetermined resistance area.

Meanwhile, it is unlikely that some downside potential could prevail in the market, as the rate could gain support from the 200-hour SMA near 1,773.00.

Hourly Chart



On the daily candle chart, the commodity price could soon test the resistance trend line of the 2019 and 2020 high levels above 1,795.00.

Daily Candle


Traders stick to positions

Since Thursday, on the Swiss Foreign Exchange the sentiment was bearish, as it was 63% short.

Meanwhile, in the 1000-pip range around the current metal's price the orders were 60% to buy.

Previously, the orders were 66% to buy.

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