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XAU/USD short-term forecast
Given that the commodity is currently trading below the 55-, 100– and 200– hour SMAs, bearish traders might continue to drive the price lower during the following trading session.
However, the support level at 1795.00 could provide barrier for the XAU/USD exchange rate within this session.
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 Thursday, the sentiment on the Swiss Foreign Exchange was 59% long.
On Friday, traders' sentiments were 60% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 72% to buy gold.