Gold attempts to reach 1,765.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
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 Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.

Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.

The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.

XAU/USD short-term forecast

The price could resume its surge, if the rate finds support in the combination of the 50, 100 and 200-hour simple moving averages. A potential surge would face resistance in round price levels and the 1,766.15/1,767.70 zone, which has acted as support and resistance.

On the other hand, a move below the moving averages and the 1,750.00 mark could look for support in the 1,740.00 level.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal has bounced off the resistance of the 200-day simple moving average and the 1,787.05/1,808.15 zone.

The commodity price might look for support in the 100-day simple moving average near 1,710.00 and the 1,700.00 mark. On the other hand, a potential another test of the 200-day SMA near 1,770.00 is possible.

Daily Candle Chart


Traders increase long positions

On Tuesday, the sentiment on the Swiss Foreign Exchange was 59% bullish. Namely, 59% of open position volume was in long positions.

Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 52% to buy the precious metal.

On Wednesday, the open positions were 61% long and orders were 58% to buy.

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