During the early trading hours, the precious metal was trading near the lower line of an ascending channel pattern and could have been set for a breakout. Economic Calendar Analysis
Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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 has passed the lower trend line of the channel up pattern and was testing the 1890.31 support zone.
The rate found support in the 100-hour simple moving average and made a reversal to the 1897.05 level, where it faced the resistance of the 55-hour SMA.
Hourly Chart
XAU/USD daily charts review
After breaching the upper trend line of the ascending channel pattern on Tuesday, the yellow metal has continued trading in limbo and might edge higher towards the 23.60% retracement level.Daily Candle Chart
Short positions are intact
Since Wednesday, the sentiment on the Swiss Foreign Exchange has been 51% bearish, as 51% of open position volume was short.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 55% to sell the metal.