On Thursday, the yellow metal's price remained near previous levels. Namely, it fluctuated between 1,454.00 and 1,458.00.
From a technical perspective, the price was expected to reach the support of the 1,450.00 level, as soon as the 100-hour SMA approaches the metal's price from above.
This week there are no more data releases, which might impact this rate.
Meanwhile, next week's scheduled event historical data tables have been published. Some major moves can be expected. Click on the link below to read the article.
XAU/USD short-term forecast
On Wednesday, the XAU/USD exchange rate failed to surpass the psychological level at 1,454.00. During today's morning, the rate was trying to surpass the 55-hour SMA at 1,457.64.
If the given resistance holds, it is likely that the price for gold could reverse south in the nearest future. In this case, the rate could try to surpass the given psychological level again.
If the level holds, yellow metal could trade sideways against the Greenback within the following trading session. Otherwise, it is likely that the rate could target the 1,450.00 mark.
Hourly Chart
On the daily candle chart, the commodity price is heading to the lower trend line of a dominant channel up pattern. In the meantime, it has close by the resistance of the 55 and 100-day simple moving averages.
Daily Chart
Sentiment changes on Thursday
Since Tuesday, 60% of open gold position volume was in long positions.
The sentiment became 62% long on Thursday.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were set to buy– 69% of orders were to buy and 31% to sell.
The orders were 76% bullish on Wednesday.