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XAU/USD short-term forecast
All things being equal, the yellow metal's price could continue to edge south during the following trading session. The possible target for long traders would be near the 1790.00 level.
However, the support line at 1800.00 could still provide support for gold versus the USD within this session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the rate is testing the resistance of the 55 and 200-day simple moving averages, which are located near 1,830.00 mark.Meanwhile, note that a potential decline of the price could find support in the 100-day simple moving average near 1,790.00.
Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was 57% long.
On Thursday, the traders sentiment were 59% long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 80% to buy gold.