This week, there are no more scheduled events that could impact the price for gold through the value of the US Dollar.
XAU/USD short-term forecast
The ongoing decline could find support at the following levels - 2,015.00, 2,010.00 and 2,005.00. All of these levels have acted as support and resistance in the past. The reason for it is simple. Traders set up their buys and sell orders at round levels. If all of these levels are passed, the price is set to look for support in the 2,000.00 mark.
On the other hand, a potential recovery is expected to face the combined resistance of the 50, 100 and 200-hour simple moving averages and the 2,030.00/2,040.00 range. If the resistance fails, the 2,045.00 and 2,050.00 levels are set to act as additional resistance.
XAU/USD daily charts review
On the daily candle chart, the metal remains between two notable ranges. Meanwhile, note that the 100-day simple moving average has moved above 2,000.00. The SMA is strengthening other support levels.Daily Candle Chart
Gold traders are shorting
On Thursday, 54% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 59% to buy the metal.
By mid-Thursday, traders were 55% short and orders were 78% to sell.