Gold declines during fundamental events

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price of gold has continued to book higher and higher levels. However, it constantly gets overbought and each fundamental event that strengthen the USD causes major drop of the commodity price. This week, the price is bound to be dictated by the US Presidential Election and US Federal Reserve announcements.

Economic Calendar Analysis


The US Presidential Election and the Congressional elections takes place on Tuesday. These events will guide the financial markets.

On Thursday, watch the US Federal Reserve Federal Funds Rate announcement. The Fed is expected to cut rates by 0.25%.

XAU/USD short-term forecast

In regard to technical analysis, watch the 2,730.00 and 2,700.00 levels for support and the 2,790 level for resistance.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, the metal continues higher in the borders of a large scale channel up pattern. Meanwhile, note the approaching 50, 100 and 200-day simple moving averages.

Daily Candle Chart


Traders are short

On Monday, 66% of volume was in short positions. Traders are shorting gold.

Meanwhile, in the 1000 point range around the latest price, the pending orders were 88% to sell the metal.

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Actual Topics

Mon, 11 Nov 2024 20:35:17 GMT

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Mon, 04 Nov 2024 16:14:47 GMT

USD/JPY traders are long

As the US election approaches, the USD/JPY bulls appear to have taken profit, as the rate broke the channel up pattern on October 31. It appears that the rate is waiting for this week's fundamental events near the 151.50 mark. Economic Calendar The US Presidential Election and the Congressional elections takes place on Tuesday. These events will guide the financial markets. On Thursday,

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