On gold charts it has resulted in a drop to 2,005.00. The level acted as support and it appears that a retracement back up has found resistance at 2,015.00. Economic Calendar Analysis
There are no more events scheduled for this week that could impact the price for gold.
XAU/USD short-term forecast
A resumption of the broader decline is set to look for support in the 2,000.00/2,005.00 range. If the 2,000.00 mark fails to hold it could result in a flush down as low as 1,950.00.
On the other hand, a recovery faces various round levels that have acted as support and resistance, and the 50, 100 and 200-hour simple moving averages. However, the SMAs appears to be mostly ignored.
XAU/USD daily charts review
On the daily candle chart, the metal has passed below the support of the 50-day simple moving average.In the meantime, note that the 100 and 200-day simple moving averages were near 1,980.00 and 1,960.00. The SMAs could act as support during a potential decline below 2,000.00.
Daily Candle Chart
Gold traders are shorting
On Thursday, 55% were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 71% to sell the metal.