On Friday, the yellow metal's price got squeezed in between the resistance of the 55-hour SMA and the support of the 100-hour SMA.
In the near term future the pair was expected to trade sideways until a breaking of one of the simple moving averages occurs.
There are no more events scheduled for this week that could impact the yellow metal's price.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate traded sideways in the 1,760.00 area. During Friday morning, the rate maintained its consolidation.
From the one hand, yellow metal could be pushed down by the 55-hour SMA to the lower line of the medium-term ascending channel circa 1,755.00. If the given channel holds, a reversal north could follow.
On the other hand, gold could gain support from the 100-hour SMA and extend gains against the US Dollar in the short term. In this case the price for gold could re-test the 1,780.00 level.
Hourly Chart
Daily Candle
Bulls took profits
Since Thursday, on the Swiss Foreign Exchange the sentiment almost bearish, as it was 63% short.
It is likely that the bulls had taken profits, leaving the bears with their positions.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 66% were bullish orders. Those could be the stop losses and take profits of the short positions.