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XAU/USD short-term forecast
Bearish traders are likely to continue to drive the yellow metal's price lower during the following trading session. The potential target for sellers will be near the 1795.00 area.
However, the support line near the 1800.00 mark could provide support for the XAU/USD exchange rate in the shorter term.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the rate is testing the resistance of the 55 and 200-day simple moving averages, which are located near 1,830.00 mark.Meanwhile, note that a potential decline of the price could find support in the 100-day simple moving average near 1,790.00.
Daily Candle Chart
Traders are long
On Tuesday, the sentiment on the Swiss Foreign Exchange was 57% bullish.
On Wednesday, traders sentiment were 57% long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 74% to buy gold.