The yellow metal made an attempt to once more pass the resistance of the 1,515.00 level, and the price failed at the attempt.
By the middle of Friday's trading the rate was trading around the 1,505.00 mark.
Economic Calendar Analysis
No data releases are expected to impact the price of gold during Friday.
Next week, there will be one data release, which might impact the price of gold through a value adjustment of the USD.
On Wednesday, at 12:30 GMT the US Retail Sales and US Core Retail Sales are scheduled to be released.
Meanwhile, take into account that next week there will be other events, which are expected to cause larger reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
XAU/USD short-term forecast
On Friday morning the rate made an attempt to pass the resistance of the 55-hour SMA and failed at it. This resulted in a decline.
The decline was expected to reach the 1,490.00 level, which had supported the price during the week. Most likely the rate is set to bounce off this level and eventually make another attempt to pass the 1,515.00 level.
Namely, the rate is expected to continue to trade sideways with a 25 dollar volatility.
Meanwhile, if the 1,490.00 fails to hold, the sideways trend could be broken and a decline as low as 1,460.00 should gradually occur.
Hourly Chart
On the daily candle chart, the low level of October 1 has provided a reference point for charting patterns. A confirmed large scale ascending pattern has been spotted and added to the chart by Dukascopy Analytics.
It can be seen that the September surge occurred in the borders of the pattern until it met with its resistance line.
Meanwhile, in the borders of the larger pattern there exists a smaller channel down pattern. It represents the commodity price's consolidation in the borders of the larger pattern.
Daily Chart
Sentiment remains unchanged
Thursday, 57% of open gold position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Friday's trading, the sentiment was 56% short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were neutral – 51% of orders were to buy and 49% to sell.
The orders were 52% to sell on Thursday.