During Friday morning, the XAU/USD exchange rate consolidated near the support formed by the 55- and 100-hour SMAs, as well the Fibo 23.60% in the 1,500.00 area.
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.
Next week, there are couple of events that could affect the XAU/USD exchange rate.
On Wednesday, March 25, the US Durable Goods Orders data will be released at 12:30 GMT.
Later this day, the US Crude Oil Inventories are set to be released at 14:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
23.03-27.03 Event Historical Reactions
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate tested the support level—the monthly S2 at 1,466.10. During today's morning, the rate raised to the 1,505.00 area
It is likely that yellow metal could gain support from the 55– and 100-hour SMAs, as well the Fibo 23.60% at 1,497.76 and continue to extend gains against the US Dollar.
However, note that the exchange rate would have to surpass the monthly S1 at 1,526.37. If the given level holds, it is likely that gold could consolidate against the Greenback in the short run.
Hourly Chart
On the daily candle chart, it can be observed that yellow metal gained support from the monthly S2 ar 1,466.10.
Daily Chart
Traders are long on gold
On Friday, the Swiss Foreign Exchange sentiment was 64% long.