The price for gold has been reached by the resistance of the 55-hour simple moving average, which began to provide resistance.
By the middle of Thursday's GMT trading hours, the SMA kept the price of gold trading sideways near 1,870.00.
On Thursday, at 13:30 GMT USD pairs could move because of the release of the US Consumer Price Index and the Unemployment Claims.
On Friday, the US Producer Price Indices are scheduled to be released at 13:30 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate continued to trade sideways in the 1,860.00/1,890.00 area.
Given that yellow metal is pressured by the 55-, 100– and 200-hour SMAs in the 1,874.00/1,901.00 range, it is likely that some downside potential could prevail in the market in the short run.
On the other hand, if the predetermined area holds, yellow metal could continue to trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the yellow metal has passed the support of the 55 and 100-day SMAs and the Fibonacci retracement levels, which impacted the price since August.
In the meantime, note that the 1,850.00 level provided the metal with support in late September. However, at that time a reversal could have occurred due to the additional support of the 100-day SMA, which strengthened the 1,850.00 mark.
Daily Candle Chart
Traders remain long on Gold
On Thursday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 63% was long.
On Wednesday, 59% of volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.
The orders were 52% to buy on Wednesday.