The yellow metal's price has reached above the March high level zone that was located above the 1,755.00 level.
On Friday, the price found support in the 1,760.00 level. Due to that reason the zone was extended and remains on the chart, as it is expected that it would provide support.
In the meantime, the metal had faced and bounced off the resistance of the 1,770.00 level.
There are no events expected during the upcoming week that could impact the price of gold.
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XAU/USD short-term forecast
In regards to the near term future, the metal's price could trade sideways between the 1,760.00 and 1,770.00 levels.
If the metal passes the support zone of the March high levels, the bullion could reach the support of the 55, 100 and 200-hour simple moving averages and the 1,750.00 level.
On the other hand, a breaking of the resistance of the 1,770.00 level, the metal could continue to gradually surge, as it finds resistance in round price levels.
Hourly Chart
On the daily chart, the rate has been reached by the resistance of the 55-day simple moving average. The SMA has started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.
On Friday, the rate was piercing these resistance levels. A proper break out could result in a surge to the 1,800.00 level, where the 100-day simple moving average was located at.
Daily Candle Chart
Long sentiment declines
Since Wednesday, the sentiment on the Swiss Foreign Exchange was bullish, as 65% of open position volume was long.
On Friday, the sentiment was 62% long. Traders had closed long positions.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 70% to buy the metal.