Gold looks for support

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has bounced off a resistance range at 1,982.40/1,984.00. By mid-Tuesday, the commodity price had reached the 1,951.90/1,954.40 range.

Economic Calendar Analysis



On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.

On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.

On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.

XAU/USD short-term forecast

A move below the 1,951.90/1,954.40 range might result in the metal's decline being almost being stopped by the 1,950.00 mark and the January high at 1,949.00. Further below, the 1,945.00 and 1,935.00 levels could stop a decline, as they have in late March.

Meanwhile, a potential recovery is expected to be slowed down by the February high at 1,960.00. The level recently acted as support and resistance, during Tuesday's early trading. A move above 1,960.00 could encounter resistance in the combination of the 50 and 100-hour simple moving average, before the price reached the 1,982.40/1,984.00 range.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the decline has passed below the 50-day simple moving average near 1,990.00 and reached the support zone above 1,950.00.

In regards to the future, note the approaching 100-day simple moving average near 1,940.00.

Daily Candle Chart


Gold traders go long

On Monday, gold traders were bullish, as 53% of open positions were long.

Meanwhile, pending trade orders in the 1000 point range around the current price were 70% to buy the metal.

By mid-Tuesday, 55% of positions was long and orders were 62% to buy.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscrever
Para saber mais sobre a plataforma de negociação Dukascopy Bank CFD / Forex, SWFX e outras informações relacionadas com negociação,
por favor entre em contato conosco ou faça um pedido de retorno de chamada.
Para obter mais informações sobre uma potencial cooperação,
ligue-nos ou faça-nos um pedido para ser contactado.
Para saber mais sobre as opções binárias do Dukascopy Bank / Plataforma de negociação Forex, SWFX e outras informações relacionadas com Trading,
ligue-nos ou faça-nos um pedido para ser contactado.
Para saber mais sobre a plataforma de negociação Dukascopy Bank CFD / Forex, SWFX e outras informações relacionadas com negociação,
por favor entre em contato conosco ou faça um pedido de retorno de chamada.
Para saber mais sobre a plataforma de Trading / Trading de Crypto/ CFD / SWFX e outras informações relacionadas à negociação,
ligue-nos ou faça-nos uma pedido para ser contactado.
Para saber mais sobre o programa de Introdutor de Negócios e outras informações relacionadas à negociação,
ligue-nos ou faça-nos uma pedido para ser contactado.
Para obter mais informações sobre uma potencial cooperação,
ligue-nos ou faça-nos um pedido para ser contactado.