On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.
XAU/USD short-term forecast
If the metal's price continues to decline, support might be found in the June low levels at 1,837.00 and 1,828.30.
On the other hand, a potential surge of the metal above the 1,850.00 mark and the 50, 100 and 200-hour simple moving averages is set to encounter resistance in round price levels like 1,855.00, 1,860.00, 1,865.00 and 1,870.00.
XAU/USD daily charts review
On the daily candle chart, the price has been trading around the 200-day simple moving average.In the meantime, note the resistance zone at 1,890.00/1,915.00. In addition, the 50 and 100-day simple moving averages are strengthening the resistance range.
Daily Candle Chart
Traders are long on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was 61% bullish. Namely, 61% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 59% to buy the precious metal.
On Thursday, the volume was 62% long and pending orders were 58% to sell.