Economic Calendar Analysis
XAU/USD short-term forecast
Technical indicators suggest that the commodity is likely to continue to edge lower. Bearish traders could target the 200– hour simple moving average at 1763.9 within this session.
On the other hand, the XAU/USD exchange rate could bounce from a support line at 1775.0 before the end of Friday's trading session.
XAU/USD daily charts review
On the Daily time-frame chart, the yellow metal showed strong bullish momentum. Most likely, the XAU/USD pair could target the 1900.00 level during the coming days.However, the metal could find resistance near the 55-, 100 the 200-day simple moving averages at 1.815.65.
Daily Candle Chart
Read More: Technical Analysis
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was 63% bullish, as 63% of open position volume was long.
On Wednesday, in the 1000-pip range around the metal's price, the pending orders were 59% to sell the precious metal.