Since the middle of Thursday's trading hours, the yellow metal has traded around the 1,850.00 mark. In the meantime, the price was not being impacted by the 55 and 100-hour simple moving averages.
In general, the metal was expected to continue to trade sideways until a fundamental event sets a new direction for it. Meanwhile, buy orders dominated the sentiment.
On Thursday, at 13:30 GMT, expect the weekly US Unemployment Claims.
Next week, data releases, which could impact the USD/JPY start on Thursday. At 13:30 GMT, the weekly US Unemployment Claims are set to be published.
On Friday, the US Services and Manufacturing PMIs could cause a notable adjustment in the USD value.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The XAU/USD exchange rate continued to trade sideways between the psychological level at 1,830.00 and the Fibo 23.60% at 1,860.59.
Given that yellow metal is supported by the 55– and 100-hour SMAs near 1,850.35, it is likely that some upside potential could prevail in the market. The rate could raise to the 200-hour SMA near 1,884.20.
In the meantime, if the given Fibonacci retracement holds, gold could continue to trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the metal's decline passed the support of the 55-day SMA and pierced the 200-day simple moving average. Moreover, the 38.20% Fibonacci retracement level at 1,837.43 was passed on Friday and Monday. Due to that reason it is not expected that these levels would hold.
The metal has no additional technical support on the daily candle chart, as low as the 50.00% Fibo at 1,763.74. This level provided the price with support at the end of November, when the December surge started.
Daily Candle Chart
Traders set up buy orders
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 55% bullish, as 55% of open position volume was long.
On Friday, 56% of volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 96% to buy the metal.
Previously, the orders were 60% to buy.