The price for hold passed the resistance of the 55-hour SMA, but it did not result in a surge, as the price continued to trade sideways just above the SMA.
On Friday, the price was approached by the resistance of the 100-hour simple moving average.
On Friday, the US Producer Price Indices are scheduled to be released at 13:30 GMT.
Next week, notable data releases start on Tuesday. At 13:30 GMT, expect the US Retail Sales data sets to slightly increase USD volatility.
On Thursday, expect the usual US Unemployment Claims at 13:30 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The XAU/USD exchange rate continued to trade sideways in the 1,860.00/1,890.00 range.
From the one hand, it is likely that yellow metal could gain support from the 55-hour moving average near 1,874.00. Thus, gold could appreciate against the US Dollar in the short run.
From the other hand, the exchange rate could face the resistance of the 100– and 200-hour SMAs in the 1,882.50/1,900.50 area. Thus, some downside potential could prevail in the market.
Hourly Chart
On the daily candle chart, the yellow metal has passed the support of the 55 and 100-day SMAs and the Fibonacci retracement levels, which impacted the price since August.
In the meantime, note that the 1,850.00 level provided the metal with support in late September. However, at that time a reversal could have occurred due to the additional support of the 100-day SMA, which strengthened the 1,850.00 mark.
Daily Candle Chart
Long sentiment remains unchanged
On Thursday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 63% was long.
On Friday, 63% of volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 64% to buy the metal.
The orders were 68% to buy on Thursday.