Gold trades near 1,945.00

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

The metal started the week's trading by bouncing around the 1,945.00 level. Namely, it was supported by the 1,940.00 level and kept down by the 1,950.00 mark.

In the meantime, in the mentioned zone three hourly simple moving averages were providing either support or resistance to the commodity price.

Economic Calendar Analysis



On Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data sets are set to be published.

Wednesday's events are set to end with the most notable event of them all - the Federal Open Markets Committee announcements and the US Federal Reserve Rate Announcement at 18:00 GMT.

On Thursday, at 12:30 GMT, the US weekly Unemployment Claims could cause a move.

Click on the link below to find out more about the data releases.

XAU/USD short-term forecast

It is likely that yellow metal could gain support from the 100-hour SMA near 1,940.00 and extend gains against the US Dollar in the short term. In this case the price for gold could target the monthly PP at 1,969.20.

In the meantime, note that the rate could face the resistance at 1,955.00. If the given resistance holds, it is likely that gold could continue to consolidate against the Greenback.

Hourly Chart



On the daily candle chart, the metal stands at the 50.00% Fibonacci retracement level at 1,947.16. In theory, the rate should aim at the resistance of the 61.80% Fibonacci retracement level at 1,977.55 or the support of the 38.20% Fibo at 1,916.78..

In the meantime, the support of the 55-day simple moving average had approached the metal. It signals that a surge of the price could occur.

Daily Candle Chart


Traders remain long

Since Friday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 57% was long.

Meanwhile, in the 1000-pip range around the metal's price the orders were 63% to buy.

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