The week's notable events are over.
Next week, the financial markets might move on Wednesday, at 18:00 GMT. At that time the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets COmmittee on the US monetary policy. New information might cause an adjustmetn of the US Dollar's value.
XAU/USD short-term forecast
A move below the 2,475.00 level could find support in the 2,450.00 mark, before the price reaches the support of the 2,435.00/2,440.00 zone. In addition, note that the 50, 100 and 200-hour simple moving average might once again impact the price.
On the other hand, a recovery of the price is expected to face the 2,500.00 mark's resistance.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the latest recovery.Daily Candle Chart
Traders remain short
On Wednesday, 73% of volume was in short positions. Meanwhile, in the 1000 point range around the latest price, the pending orders were 100% to sell the metal.
On mid-Friday, the postions were 73% bearish. In the meantime, pending orders were 71% to sell.