There are no close by scheduled events that might impact the value of the US Dollar and the price of gold.
XAU/USD short-term forecast
A move higher by the commodity price might encounter resistance in the 1,890.00 level and the 100-hour simple moving average, before reaching the 1,900.00 mark.
On the other hand, a decline of the price would look for support at 1,878.50/1,881.15 and the 50-hour simple moving average near 1,875.00. Further below note the low level zone at 1,859.75/1,862.50.
XAU/USD daily charts review
On the daily candle chart, the metal has plummeted below the support zone at 1,900.00/1,910.00 and broken the channel up pattern, which pushed the commodity up since early November.In the near term future, support might be found in the 1,850.00 mark and the 50-day simple moving average. Further below, note the support zone near 1,800.00 and the 100 and 200-day SMAs.
Daily Candle Chart
Traders are neutral
On Tuesday, gold traders were neutral, as 50% of open positions were long and short.
Meanwhile, pending orders in the 1000-pip range were 58% to sell.
On Wednesday, traders were 51% long and orders were 67% to buy.