The rate was set to face two support levels at 1,492.00, below which there was not technical support as low as 1,462.90.
Economic Calendar Analysis
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
However, note that during the last six months the markets did not react to the Durable Goods Orders. For example the EUR/USD moved less than 10 pips during the timeframe of ten minutes around the data being released.
Meanwhile, the historical data tables for all of the next week's notable releases have been published. To see the publication, click on the link below.
XAU/USD short-term forecast
Gold is heading to the support of the 1,492.00 level, where a monthly pivot point and an ascending trend line were located at.
If the support levels are passed, the commodity would have no technical support as low as the 1,463.00 level, where a 23.60% Fibonacci retracement level was located at.
On the other hand, the price might bounce off the support levels and surge back up to the 1,510.00 level. In general watch the 1,492.00 mark closely.
Hourly Chart
On the daily candle chart, the price for gold is once more trading below the lower trend line of the channel up pattern, which guided the metal's summer surge.
Meanwhile, the support of the 55-day simple moving average was approaching the commodity price from below, near the 1,485.00 level.
The SMA could stop a potential drop of the commodity price.
Daily Chart
Slight Short Sentiment Remains
On Friday, 54% of open gold position volume was in short positions. The sentiment had decreased from 55% short on Thursday.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish– 78% of orders were to buy and 22% to sell.
Previously, the orders were 62% to buy.