On Thursday morning, the price once again found support in the 1,810.00 level and started a surge that had reached above 1,825.00, by 09:30 GMT. Economic Calendar Analysis
This week, notable events are over. Next week's review is scheduled to be published on Monday.
XAU/USD short-term forecast
If the surge of the metal continues, it is expected to encounter resistance in the Tuesday's high levels at 1,835.05/1,836.30 and the 200-hour simple moving average. Higher above, take into account the resistance of the 1,840.00 level and the upper trend line of the channel down pattern, which has guided the price since April 18.
Meanwhile, a decline of the commodity price might once again look for support in the 1,807.50/1,810.00 zone. Afterwards, the 1,800.00 level could act as support.
XAU/USD daily charts review
On the daily candle chart, note the historical low level zones above 1,750.00, near 1,720.00 and the coronavirus low level at 1,675.00.Meanwhile, a potential recovery might encounter resistance in the 1,850.00 mark and the 200-day simple moving average, prior to reaching back up to the resistance zone, which surrounds the 1,900.00 level.
Daily Candle Chart
Traders have close by buy orders
Since Friday, May 13, the sentiment on the Swiss Foreign Exchange was 63% bullish. Namely, 63% of open position volume was in long positions.
Meanwhile, on Wednesday, in the 1000-pip range around the metal's price, pending trade orders were 75% to sell the precious metal.
On Thursday, 72% of orders in the 1000 point range were to buy.