The yellow metal's price has continued to trade sideways. Meanwhile, the 55-hour SMA had approached and failed to push the metal down.
There are no more notable events scheduled for this week. However, one can research the events that already occurred.
In the meantime, note that the next week's event analysis is bound to be published in the Fundamental Analysis section by 18:00 GMT. On Friday, the usual short version for each pair will be added to the daily Trading Ideas publications.
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
Since Wednesday, the XAU/USD exchange rate has been consolidating in the 1,810.00 area.
It is likely that yellow metal could gain support from the 55-hour SMA near 1,812.00. Thus, some upside potential could prevail in the market in the nearest future.
In the meantime, note that the exchange rate could face the resistance provided by the 100-hour SMA near 1,835.00. If the given resistance holds, a reversal south could follow.
Hourly Chart
On the daily candle chart, the yellow metal has reached the psychological support of a round price level of the 1,800.00 mark and the technical support of the 200-day simple moving average.
If this level is passed, the support trend line of a large scale channel down pattern could provide support to the commodity price at 1,775.00.
Daily Candle Chart
Traders remain long
Since Tuesday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 69% was long.
On Thursday, 68% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 64% to buy the metal.
The orders were 56% to sell on Wednesday.