During Thursday morning, the XAU/USD exchange rate was testing the monthly S2 at 1,466.10.
Given that the rate is pressured by the 55-hour SMA, it is likely that some downside potential could prevail.
This week, there are no events left that could affect the XAU/USD rate.
Meanwhile, Dukascopy Analytics are not publishing the historical reactions this week, as the market environment has changed to such a degree that the historical data is unlikely to be relevant.
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate declined below the Fibo 23.60% at 1,497.76. During today's morning, the rate was testing the support level—the monthly S2 at 1,466.10.
Note that yellow metal is pressured by the 55– and 100-hour SMAs in the 1,510.00 area. Thus, downside potential could prevail in the market. In this case the rate could decline below 1,450.00.
However, if the monthly S2 holds, it is likely that gold could consolidate against the US Dollar in the short term. Also, it is unlikely that bulls could prevail, and the rate could exceed the monthly S1 at 1,526.37.
Hourly Chart
On the daily candle chart, it can be observed that yellow metal surpassed the support formed the 200-day SMA, as well the Fibonacci 23.60% retracement at 1,500.00.
Daily Chart
Long sentiment increases
On Thursday, the Swiss Foreign Exchange sentiment was 59% long.