In the meantime, the 100-hour simple moving average approached the rate, acted as resistance for four hours, before passing below the price and turning into support. Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and the weekly Unemployment Claims might cause minor moves on USD charts.
Week's notable events will end with the release of the US Manufacturing and Services PMIs at 13:45 GMT, also on Thursday.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the combination of the 50 and 100-hour simple moving averages provides enough support, the price might once again test the resistance of the 1,947.40/1,951.80 zone. A passing above the zone might encounter resistance at 1,970.00/1,978.40. This zone marks the February high and last week's low level zone. In addition, the 200-hour simple moving average is located just below the zone.
On the other hand, a decline of the bullion's price would have to pass the 50 and 100-hour moving averages and the 1,930.00 mark, prior to approaching the 1,895.50/1,907.50 zone.
XAU/USD daily charts review
On the daily candle chart, the metal's price shortly reached below the support zone, which captures the mid-2021 high levels.Daily Candle Chart
Traders are almost neutral
On Thursday, the sentiment on the Swiss Foreign Exchange was 54% bearish, as 54% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 66% to buy the precious metal.
On Friday, traders were 53% short and pending orders were 81% to buy the metal.