The XAU/USD exchange rate has been trading sideways since yesterday.
Given, that gold is supported by the 55-, 100- and 200-hour moving averages, it is likely, that some upside potential could prevail in the market.
On Friday, June 14, the US Retail Sales data will be released at 12:30 GMT.
XAU/USD short-term forecast
On Wednesday, the XAU/USD exchange rate traded sideways, trying to surpass the support level—the monthly R2 at 1,3333.67.
Given, that gold is also supported by the 55-, 100– and 200-hour moving averages, it is likely, that bulls could prevail in the market in the short term. A possible upside target is the 1,340.00/1,245.00 range.
On the other hand, gold could continue to trade sideways near the given support level against the US Dollar. Also, it is unlikely, that the price for gold could tumble lower than 1,328.00 due to the support of given SMAs.
Hourly Chart
On the daily chart it can be observed that the rate is still supported by the monthly R1 at 1,319.79.
If the given support holds, it is expected, that the rate could re-test the psychological level at 1,245.00 in the nearest future.
Daily Chart
Traders are short on gold
On Thursday, 60% of all positions on the Swiss Foreign Exchange were short.
Meanwhile, in the 1000 base point range around the current metal's price 52% of all pending orders on the Swiss Foreign Exchange were set to buy. Previously, 55% of the orders were long.