Since finding support in the 200-hour SMA on Wednesday at 1,470.50, the yellow metal's price has traded almost flat.
In general, the technical indicators were signaling that the bullion's price would continue to trade sideways. Economic Calendar Analysis
This week, the pair could be impacted only by one data release. On Friday, the US Final GDP is set to be published at 13:30 GMT.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate traded sideways around the 1,475.00 level. During today's morning, the rate was trading at the given level.
Note that yellow metal is pressured by the 55– and 100-hour SMAs, as well the monthly PP at 1,476.00. Thus, it is likely that some downside potential could prevail in the market.
Note that the exchange rate could gain support of the 200-hour moving average, currently located at 1,470.95. If the given support holds, it is likely that gold could continue to consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the commodity price is still being pushed down by the 55-day simple moving average, which was located above the 1,480.00 level. In addition, downside pressure is added by the 100-day SMA near 1,490.00.
In the meantime, the rate has reached the lower trend line of a massively large channel up pattern. The pattern represents the surge that has occurred since September 2018.
Daily Chart
Traders are neutral on gold
On Thursday, on the Swiss Foreign Exchange 52% of open gold position volume was in long positions. The position proportions have been almost balanced throughout the week.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were also neutral – 51% of orders were to buy and 49% to sell.
The orders were 58% to buy on Wednesday.