Gold recovery encounters resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The recovery of gold stopped at 2,360.00. The level held and caused a decline back to the 2,326.60/2,334.40 range that has acted as support.

Economic Calendar Analysis



On Thursday, at 12:30 GMT the publication of the United States Preliminary GDP and Unemployment Claims could impact the market via a move of the USD.

On Friday, the top event of the week will take place, as at 12:30 GMT the US Core Personal Consumption Expenditure Index monthly change will be published. If the data shows that inflation is not decreasing, the US Dollar is bound to surge. Higher than expected inflation is set to pressure the US Federal Reserve to hike the Dollar's base interest rate.

XAU/USD short-term forecast

A recovery of the metal's price has to reach above 50 and 100-hour simple moving averages near 2,350.00 and the 2,360.00 mark. Higher above, the 200-hour SMA might act as resistance near 2,380.00, before teh 2,400.00 mark is reached.

On the other hand, a decline below 2,326.60/2,334.40 is set to result in the pair looking for support in the 2,300.00 mark.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal has retraced to the support of the 50-day simple moving average. The SMA could push the metal higher.

In the meantime, the channel up pattern that captures the 2024 surge has been broken to the downside.

Daily Candle Chart


Traders remain short

Since the previous week, traders were shorting, as 72% of open positions were short.

This week, on Wednesday, the positions were still mostly short at 73% bearish and pending orders in the 1000-pip range around the current price were 87% to sell.

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