The events caused a drop of the price of gold. Eventually, the decline stopped at the 2,015.00 level, which previously was not confirmed as support or resistance. On Tuesday, the price was testing the combined resistance of the 50 and 200-hour simple moving averages and the 2,030.00 level. Economic Calendar Analysis
This week, watch out for a possible move caused by the US weekly Unemployment claims on Thursday at 13:30 GMT. Besides that, the second week of February has nothing notable scheduled that could impact the financial markets.
XAU/USD short-term forecast
A move above 2,030.00 could result in the price facing the 2,035.00/2,040.00 range as resistance. Higher above, note the 2,050.00, 2,055.00 and 2,065.00 levels, which have acted as resistance.
If the commodity price declines, note that the 2,015.00, 2,010.00 and 2,005.00 are capable of providing support, before the price reaches the 2,000.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal remains between two notable ranges. Meanwhile, note that the 100-day simple moving average has approached the support zone near 2,000.00.Daily Candle Chart
Gold traders are shorting
On Tuesday, 57% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 57% to sell the metal.