This week, notable events are over. Due to this reason, the current momentum might remain intact.
XAU/USD short-term forecast
A recovery of the commodity price could result in the rate encountering resistance in the 100-hour simple moving average near 1,927.00. Above the moving average, the price is expected to test the resistance of the 1,930.00/1,932.25 zone and the 200-hour simple moving average.
On the other hand, a decline might look for support in the 1,920.00/1,923.00 range and the 50-hour simple moving average. Further below, take into account the 1,915.40/1,916.25 range.
XAU/USD daily charts review
On the daily candle chart, it appears that the 1,950.00/1,965.00 zone has held and the metal is set to resume its broader decline. Meanwhile, the commodity price was squeezed in between the support of the 50 and 200-day simple moving averages and the resistance of the 100-day SMA. The price has broken out of the squeeze to the downside.Daily Candle Chart
Gold traders are mostly long
On Thursday, the Swiss Foreign Exchange, traders were 61% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 65% to buy.
On Friday, positions were 61% long and orders were 63% to sell.