Gold retreats below 2,030.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has moved below the 2,027.70/2,030.00 range, which has turned from support into resistance. Meanwhile, it appears that support was found in the 200-day simple moving average.

Economic Calendar Analysis



During the week before Christmas, there will be a couple of data releases that could impact the financial markets.

On Thursday, not the publication of the US Final GDP at 13:30 GMT. This is the final of the three quarterly US GDP releases. The United States release quarterly Gross Domestic Data over a span of a quarter. Data is published in three releases – Advance, Preliminary and Final. The most impact comes from the Advance GDP, and the least is from the upcoming Final GDP.

On Friday, the United States Bureau of Economic Analysis will publish the Core Personal Consumption Expenditure Price Index at 13:30 GMT. The change of the index shows how inflation impacts consumers. It is different from the CPI with the fact that it measures only goods that are consumed by individuals.

XAU/USD short-term forecast

If the commodity price recovers, it would have to break above 2,030.00 and the 50-hour simple moving average. Moving higher, a move above 2,047.80 is set to immediately face the 2,050.00 mark. If the price for gold moves even higher, note the marked levels. They have acted as resistance during the early December booking of the all-time-high levels.

On the other hand, a decline of the metal is set to face the combination of the 100 and 200-hour simple moving average near 2,015.00. Below the moving averages, the 2,007.45/2,012.75 range is expected to act a support, before the metal reaches the 2,000.00 mark.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, on Monday, support was found in the 50-day simple moving average near 1,980.00. The recent move appears to be concise with the support holding on, but actually the move was not caused by the SMA. The reason was the Federal Reserve event.

In general, additional resistance could be found in the 2021 and 2022 high level range at 2,065.30/2,082.80.

On the other hand below the 50-day SMA, the 100 and 200-day SMAs are strengthening the 1,950.00 level.

Daily Candle Chart


Gold traders are short

On Monday, 54% 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 86% to buy the metal.

On Friday, 55% were short. Pending orders in the 1000-pip range were 100% to sell.

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