On April 23, the precious metal Gold dropped by 247 pips or 1.38% against the US Dollar. The commodity breached the 55– and 100– hour SMAs during Friday's trading session.
Economic Calendar Analysis
Next week, on Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT.
On Thursday, at 12:30 GMT, the US Advance GDP will be released.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The XAU/USD exchange rate is likely to continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, buyers could drive the exchange rate higher today.
Hourly Chart
XAU/USD short-term daily review
On the daily chart, the XAU/USD exchange rate passed the resistance of the 55-day simple moving average and almost pierced the 100-hour SMA. The rate has continued to trade among the 55-hour, 100-hour SMAs and the 50.00% Fibonacci retracement level.Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.
Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Buy orders decline
On Monday, the sentiment on the Swiss Foreign Exchange was 59% bullish, as 59% of open position volume was long. Last Friday, 58% of volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 67% to buy the metal.
Previously, the orders were 83% to buy.