Yesterday, the XAU/USD exchange rate tried to surpass the 1,540.00 level.
During Wednesday morning, the rate was testing the support level – the Fibonacci 23.60% retracement at 1,497.76.
This week, there are no events left that could affect the XAU/USD rate.
Meanwhile, Dukascopy Analytics are not publishing the historical reactions this week, as the market environment has changed to such a degree that the historical data is unlikely to be relevant.
XAU/USD short-term forecast
On Tuesday, the XAU/USD exchange rate increased to the 1,540.00 level. During today's morning, the rate declined to the Fibo 23.60% at 1,497.76.
If the given Fibonacci retracement holds, it is likely that some upside potential could prevail. In this case the rate would have to surpass the 200-hour SMA near 1,540.00.
On the other hand, it is likely that yellow metal could be remain under pressure of the 55-hour SMA near 1,510.00. In this case gold could trade sideways against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, it can be observed that yellow metal gained support from the 200-day SMA, as well the Fibonacci 23.60% retracement at 1,500.00.
Daily Chart
Long sentiment increases
On Wednesday, the Swiss Foreign Exchange sentiment was 56% short.