By the middle of Thursday's trading, the price for gold had reached the 1,810.00 mark and the low level zone of mid-December at 1,806.50/1,809.50. Economic Calendar Analysis
XAU/USD short-term forecast
In the case that the commodity recovers from the support levels near 1,810.00. The price might find resistance in the 1,815.00 and 1,825.00 levels, before it reaches the 1,830.00 mark. Note that the 1,830.00 mark is expected to be strengthened by the 50, 100 and 200-hour simple moving averages.
Meanwhile, a decline below the 1,806.50 level, could immediately find support in the 1,800.00 mark, before reaching the December low levels.
XAU/USD daily charts review
The daily candle chart can be used to more clearly explore previous high level zones at 1,830.00 and 1,880.00. Meanwhile, the same rule applies to 2021 low levels.In addition, it can be spotted that the metal's price has been surging since the start of December in a channel up pattern. The recent decline reached the support line of the pattern and the 50 and 200-day simple moving averages near 1,805.00.
Daily Candle Chart
Traders are neutral
On Thursday, the sentiment on the Swiss Foreign Exchange was 52% bearish, as 52% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 66% to buy the precious metal.