The yellow metal made two attempts to reach the resistance of the 1,800.00 level. Both of them failed. On Thursday, the rate was declining, as by the middle of the day's European trading hours, the rate had almost reached the 55 and 100-hour simple moving averages.
Economic Calendar Analysis
There are no events expected during the upcoming week that could impact the price of gold.
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XAU/USD short-term forecast
If the 55 and 100-hour simple moving averages provide enough support, the commodity price could reach higher and make another attempt to pass the 1,800.00 level.
On the other hand, a failure of the SMAs could result in a decline to the 1,765.00 level, which provided support on April 20.
Hourly Chart
XAU/USD short-term daily review
On the daily chart, the rate has passed the resistance of the 55-day simple moving average. Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Traders remain long
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 59% bullish, as 59% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 86% to buy the metal.