XAU USD, demand for gold remains low
XAU USD is correcting sideways, trading at 1830 and showing no signs of a trend reversal. Gold quotes are in a rather narrow range of 1800 – 1880, having shown a slight increase the day before after the decision of the US Federal Reserve to raise the interest rate from 1.00% to 1.75%, which indicates the market's inability to calculate the consequences of the actions of the American regulator.

In any case, even a local increase in quotes does not mean a global change in trend, which remains negative. This clearly demonstrates the ratio of the positions of sellers and buyers on the stock exchange. According to the latest report of the US Commodity Futures Trading Commission (CFTC), the balance of contracts continues to remain on the side of sellers and, based on current positions, they hold 71.880K contracts, while buyers retain 23.852K contracts. There is a significantly larger gap in the positions of swap dealers: 83.939K contracts were registered for purchase, and 245.231K for sale. In the previous week, however, the dynamics of the change in the balance was in favor of buyers: they liquidated 3.376K positions, while sellers reduced 4.580K positions. Neither side is building up its assets, suggesting low overall demand for the metal.

On the daily chart of the asset, the price is trading within the local side channel, holding in the middle of the range. Technical indicators are in a quite strong sell signal state: the fast EMAs of the Alligator indicator are below the signal line, and the histogram of the AO oscillator is trading in the sell zone, forming descending bars.

Support levels: 1807, 1752 | Resistance levels: 1848, 1895

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