This week, notable events are over. Next week's review is scheduled to be published on Monday.
XAU/USD short-term forecast
If the commodity price continues to surge, it could encounter resistance in the combination of the 200-hour simple moving average, the 1,850.00 mark and the upper trend line of the channel down pattern, which has guided the price down since April 18.
On the other hand, a decline could find support in the 50-hour simple moving average and the 1,810.00/1,817.40 zone, prior to heading to the 1,800.00 mark.
XAU/USD daily charts review
On the daily candle chart, note the historical low level zones above 1,750.00, near 1,720.00 and the coronavirus low level at 1,675.00.Daily Candle Chart
Traders are long
Since Friday, the sentiment on the Swiss Foreign Exchange was 63% bullish. Namely, 63% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 50% to buy and sell the precious metal.
The orders changed on Tuesday, as traders set up 76% of orders to buy.