This week's notable events for this pair are over. On Friday, macroeconomic traders might want to look at the Canadian GDP publication.
XAU/USD short-term forecast
If the price for gold is pushed down by the 50-hour simple moving average, the commodity would look for support in round price levels, until it reaches the lower trend line of the channel down pattern near 1,850.00/1,860.00.
Meanwhile, a move above the 50-hour SMA is set to face resistance in the combination of the 1,900.00 mark, the 100-hour simple moving average, the resistance line of the channel pattern and the 1,907.50/1,911.30 zone.
XAU/USD daily charts review
On the daily candle chart, the metal's price has passed below the support zone, which surrounds the 1,900.00 mark and the 100-day simple moving average. Next support on the chart is the 200-day simple moving average near 1,840.00.Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was bullish, as 60% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 68% to buy the precious metal.
On Thursday, positions were 61% long and pending orders were 73% to buy.