The yellow metal continues to trade sideways. Moreover, it was expected that the price would continue to remain flat.
Economic Calendar Analysis
Next week, the US Durable Goods Orders on Monday at 13:30 GMT could cause a move.
Meanwhile, next week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
Note that yellow metal is supported by the 55– and 100-hour moving averages, currently located circa 1,476.00. Thus, it is likely that the rate could re-test the 1,480.00 resistance. If it holds, gold could consolidate against the US Dollar in the short run.
If the given support does not hold, it is likely that some downside potential could prevail in the market in the nearest future. In this case the exchange rate could gain support of the monthly PP at 1,475.51.
Hourly Chart
On the daily candle chart, the commodity price is still being pushed down by the 55-day simple moving average, which was located near the 1,480.00 level. In addition, downside pressure is added by the 100-day SMA near 1,490.00.
Daily Chart
Traders are neutral on gold
Since Thursday, on the Swiss Foreign Exchange 52% of open gold position volume was in long positions. The positions have been almost balanced throughout the week.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were set to buy– 64% of orders were to buy and 36% to sell.
The orders were neutral on Thursday.