By the middle of Friday's trading, the price had retreated and found support in the 1,650.00 mark. Economic Calendar Analysis
On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
XAU/USD short-term forecast
A decline below 1,650.00 might look for support in the 1,645.00 and 1,640.00 levels. Note that the 1,640.00 level and a zone that surrounds it impacted the price during the late part of September. The zone acted as support and resistance.
However, a surge of the commodity price is expected to encounter resistance in the combination of the 50 and 100-hour simple moving averages near 1,670.00. Higher above this week's high level zone could stop a surge near 1,680.00.
XAU/USD daily charts review
On the daily candle chart, the price might look for support in the September low level near 1,615.00.Daily Candle Chart
Traders are long
On Thursday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 56% to buy the precious metal.
On Thursday, the positions were 61% long and orders were 56% to buy.