The high levels from 1,790.00 to 1,800.00 have been marked in a resistance zone, as it has held throughout this week. On Friday, the rate passed the support levels of the 55 and 100-hour simple moving averages, which previously provided support.
Economic Calendar Analysis
Next week, on Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT.
On Thursday, at 12:30 GMT, the US Advance GDP will be released.
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
The decline of the metal had no support as low as the 1,765.00 mark and the 200-hour simple moving average at the 1,767.43 level. These levels could stop the decline and force the metal into sideways trading.
On the other hand, a potential passing of these support levels could result in a drop to the 1,755.00/1,760.00 zone.
Hourly Chart
XAU/USD short-term daily review
On the daily chart, the rate has passed the resistance of the 55-day simple moving average. Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Traders remain long
On Friday, the sentiment on the Swiss Foreign Exchange was 58% bullish, as 58% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 83% to buy the metal.