The drop of the yellow metal's price continued on Thursday, as the bullion reached the support of the 1,850.00 level.
In the near term future, the rate was expected to finish trading sideways and resume its decline.
Economic Calendar Analysis
The week will end with a possible minor move from the US Durable Goods Orders at 12:30 GMT.
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XAU/USD short-term forecast
Given that yellow metal is pressured by the 55-hour moving average near 1,886.00, it is likely that some downside potential could prevail in the market. In this case the rate could decline below 1,840.00.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 100-hour moving average near 1,910.00.
Hourly Chart
On the daily candle chart, the metal has passed the support of the 23.60% Fibonacci retracement level at the 1,879.18 level.
In the meantime, the 100-day SMA was approaching the price and could provide support. On Thursday, the indicator was located at the 1,842.85 level.
Daily Candle Chart
Traders stick to long positions
On Thursday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 58% was long.
On Wednesday, the sentiment was 59% long.
Meanwhile, in the 1000-pip range around the metal's price the orders were 59% to buy.