XAU/USD short-term forecast
If the commodity price reaches above 1,982.00 and continues to surge, it might eventually reach the 2,000.00 mark. Note that round price levels are set to act as support and resistance.
On the other hand, a potential decline would have to pass the 1,965.70/1,970.00 zone. Further below, note the 1,950.00 mark and the 100-hour simple moving average at 1,960.00.
XAU/USD daily charts review
On the daily candle chart, the metal's price appears to be pushed up by the 50-day simple moving average.Daily Candle Chart
Traders go short on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was bearish, as 56% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 75% to buy the precious metal.
On Thursday, 56% of volume was short and pending orders were 72% to buy.