On Tuesday, the yellow metal did not find support in the 55-hour simple moving average near 1,830.00. Instead, the price declined to the 1,818.20 level. The event confirmed that the 1,812.80/1,818.20 zone could provide support in the future.
Economic Calendar Analysis
The metal's price could move due to the US CPI on Wednesday at 12:30 GMT.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the metal's price, as it impacts the US Dollar's value.
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
During the early hours of Wednesday's trading, the price was located in the middle between the 1,812.80/1,818.20 support zone and the resistance of the 1,843.80/1,845.50 zone.
In the case of the commodity price managing to pass the resistance of the 1,843.80/1,845.50 zone, the metal could test the 1,850.00 level and afterwards the February high level at 1,855.00.
On the other hand, a potential decline below 1,812.80/1,818.20 could reach the 1,800.00 level and the 200-hour simple moving average.
Hourly Chart
XAU/USD daily charts review
On the daily chart, note that the 1,850.00 level's resistance is being strengthened by the 200-day simple moving average.Daily Candle Chart
Traders are long on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was 55% bullish, as 55% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 80% to buy the metal.