There are no more notable events scheduled for this week. Next week's review is set to be published on Monday.
XAU/USD short-term forecast
In the near term future, a potential decline of the price for gold might look for support in the 1,940.00, 1,930.00 and 1,920.00 levels, before the 1,900.00 mark is reached. Namely, previous resistance levels could turn into support.
On the other hand, a surge of the metal is set to face the 1,955.00 level, the 200-hour simple moving average near 1,960.00 and the approaching 50 and 100-hour SMAs near 1,965.00 and 1,970.00. However, prior to this occurring, note the 50-hour simple moving average, which might act as resistance.
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 are slightly bearish
On Wednesday, the sentiment on the Swiss Foreign Exchange was bearish, as 53% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 57% to sell the precious metal.
On Thursday, the positions were 52% short and pending orders were 84% to sell.