On Friday, the top event of the week is set to take place, as the head of the Federal Reserve, Chairman Powell, is set to give a speech on monetary policy at the Jackson Hole Symposium. Last year's speech was the catalyst for the September drop of the financial markets, as the USD gained value.
XAU/USD short-term forecast
Meanwhile, the 50-hour simple moving average was catching up to the rate and could push the rate through the resistance range. A move above 1,923.00 could be slowed down by the 1,925.00 level, before the price reaches the 1,930.00/1,932.25 resistance zone would be reached.
On the other hand, a decline of the price below the 50-hour simple moving average would result in the metal looking for support in the 1,910.25 level. Below this level, the metal might find support in the 1,902.50/1,905.00 range.
XAU/USD daily charts review
On the daily candle chart, the metal has moved back above the 1,900.00/1,915.00 range. This range could turn into support. Meanwhile, take into account the combination of the 50 and 200-day simple moving averages near 1,935.00. These levels could act as additional resistance.Daily Candle Chart
Gold traders are mostly long
On the Swiss Foreign Exchange, traders are 69% bullish on gold, as that proportion of open Gold positions are long.
In the meantime, pending orders in the 1000 point range around the current price are 63% to buy.