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XAU/USD short-term forecast
The XAU/USD exchange rate is likely to continue to edge higher through the following trading session. A breakout through the upper boundary of a descending channel pattern could occur.
However, if the channel pattern holds, bearish traders might drive the price of the commodity lower today.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the rate is testing the resistance of the 55 and 200-day simple moving averages, which are located near 1,830.00 mark.Meanwhile, note that a potential decline of the price could find support in the 100-day simple moving average near 1,790.00.
Daily Candle Chart
Read More: Technical Analysis
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 53% bullish.
On Tuesday, the sentiment was 57% long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 74% to buy gold.