Since Wednesday, the XAU/USD exchange rate has been consolidating in the 1,555.00 area.
Given that the rate is squeezed by 55-, 100- and 200-hour SMAs, it is likely that gold could continue to consolidate against the US Dollar in the short run. Economic Calendar Analysis
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XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate traded sideways around the 1,555.00 level. During today's morning, the rate continued to consolidate.
Note that yellow metal is squeezed by the 100– and 200-hour SMAs, currently located at 1,550.86 and 1,556.68 respectively. Thus, it is likely that gold could continue to consolidate against the US Dollar in the short run.
It is unlikely that bears could prevail, and the exchange rate could decline below the monthly R1 at 1,544.31. Also, it is unlikely that some upside potential could prevail, and the price for gold could exceed the monthly R2 at 1,570.61.
Hourly Chart
For a time being, it appeared on the daily candle chart that a retracement down should occur due to the metal being overbought. The retracement started on Wednesday.
In general, on the daily candle chart the pair has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the support of the SMAs.
Daily Chart
Traders stick to short positions
Since Wednesday, 53% of all open gold positions on the Swiss Foreign Exchange were short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 59% of orders were to buy and 41% to sell.