On the gold price charts it appeared as a jump to the 1,930.00 level and the breaking of the channel down pattern, which guided the commodity down since March 8. By the middle of the day's European trading hours, the price had reached the combined resistance of the 100-hour simple moving average and the early March high level zone at 1,947.40/1,951.80.
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Economic Calendar Analysis
This week's notable events are over. Next week's events will be described in the Friday's publication.
XAU/USD short-term forecast
If the price bounces off the resistance zone at 1,947.40/1,951.80, the metal might look for support in the combination of the 1,930.00 level and the 50-hour simple moving average. Further below note the support zone, which surrounds the 1,900.00 mark.
Meanwhile, a continuation of the price surge might encounter resistance at 1,970.00/1,978.40. this zone marks the February high and last week's low level zone. In addition, the 200-hour simple moving average is located in the zone.
XAU/USD daily charts review
On the daily candle chart, the metal's price shortly reached below the support zone, which captures the mid-2021 high levels.Daily Candle Chart
Traders are almost neutral
On Thursday, the sentiment on the Swiss Foreign Exchange was 54% bearish, as 54% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 66% to buy the precious metal.