Gold trades sideways

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Since the middle of Tuesday's GMT trading hours, the yellow metal has fluctuated in a ten dollar range between 1,550.00 and 1,560.00.

Both of these levels were providing the psychological impact on the price that round levels have on gold. In addition, the resistance of the 55-hour simple moving average was located just below the 1,560.00 level.

Economic Calendar Analysis



The week's scheduled event historical data tables have been published. Click on the link below to read the article.

XAU/USD short-term forecast

On Tuesday, the XAU/USD exchange rate failed to surpass the 1,568.00 level. During today's morning, the rate was trading below the 1,560.00 mark.

Note that yellow metal is supported by the 55-, 100– and 200-hour SMAs, currently located in the 1,553.75/1,558.59 range. Thus, it is likely that the price for gold could go up. It is unlikely that the rate could exceed the R2 at 1,570.61.

On the other hand, gold could trade sideways against the US Dollar around the given moving averages. Also, it is unlikely that bears could prevail in the market, and the rate could decline below the monthly R1 at 1,544.31.

Hourly Chart



On the daily candle chart, the metal appears to be consolidating after the recent high levels.

Meanwhile, the pair has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the daily SMAs.

Daily Chart


Traders are neutral on gold

Since Tuesday, 51% of all open gold positions on the Swiss Foreign Exchange were short.

The sentiment was 52% short on Monday.

Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 65% of orders were to buy and 35% to sell.

The orders were 60% to buy on Tuesday.

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