Since the middle of Wednesday's London trading hours, the yellow metal's price has fluctuated between 1,465.00 and 1,476.00.
Economic Calendar Analysis
There are no more scheduled data releases this week that might impact gold's price.
The week's reaction tables have been published. Take a look at the 18.11-22.11 Event Historical Reactions publication.
XAU/USD short-term forecast
On Wednesday, the XAU/USD exchange rate tested the resistance level formed by the monthly S1 at 1,475.18. During today's morning, the rate continued to test the given resistance.
Note that yellow metal is supported by the 100-hour moving average, currently located at 1,469.71. If the given resistance and support levels hold, it is likely that gold could continue to consolidate in the short run.
However, if the given support does not hold, the price for gold could decline within the following trading session. In this case yellow metal could gain support from the 200-hour SMA, as well the lower boundary of the medium-term ascending channel at 1,465.00.
Hourly Chart
On the daily candle chart, the commodity price is being kept down by the resistance of the 100-day simple moving average near 1,481.50. In addition, take into account that the 55-day SMA is approaching the rate from above.
Daily Chart
Traders remain long on gold
Since the previous Wednesday, 57% of volume was in long positions. Namely, the sentiment has not changed for more than a week.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were slightly bullish – 54% of orders were to buy and 46% to sell.
On Wednesday, the orders were 55% to buy.