On gold charts it resulted in a drop from the 50-hour simple moving average near 1,910.00 down below the 1,900.00 mark and to the support of the 1,895.00 level. The 1,895.00 level was pierced, but held out and caused a recovery of the commodity price. By 14:30 GMT on Thursday, the price had returned to the 1,910.25 level and the 50-hour simple moving averages, which were acting as resistance. Economic Calendar Analysis
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
XAU/USD short-term forecast
A move above the 50-hour simple moving average might be slowed down by the 100-hour simple moving average near 1,915.00 and the 200-hour simple moving average near 1,925.00. In addition, take into account that the 1,920.00 mark has acted as support and resistance. Higher above, note the 1,930.00 and 1,932.25 level resistance.
Meanwhile, a decline of the metal's price is highly likely going to look for support in the 1,895.00/1,900.00 range, before approaching lower round price levels.
XAU/USD daily charts review
On the daily candle chart, the metal has found additional support in the 200-day simple moving average. Meanwhile, note that the 1,880.00 level has been marked on the chart, as it has impacted the commodity price during the last couple of years.Daily Candle Chart
Gold traders are long
On Wednesday, gold traders were bullish, as 60% of open positions were long.
Meanwhile, pending trade orders in the 1000 point range around the current price were 71% to buy the metal.
On Thursday, open positions were 61% long and orders were 63% to sell.