At 18:00 GMT on Wednesday, the US Federal Reserve Meeting Minutes are bound to be published. The details included in the document might be the reason for a USD move.
XAU/USD short-term forecast
If the commodity price reaches below the 1,765.00 mark, support might be found in the 1,745.00/1,755.00 zone, which captures the August low levels near 1,755.00 and the early July high levels in the 1,745.00/1.750.00 range. Further below, note that the 1,740.00 level has acted as resistance and support in late July.
However, a potential recovery of the metal's price would have to reach above the 1,785.00 level and the 50, 100 and 200-hour simple moving averages, before approaching the 1,800.00/1,807.50 zone.
XAU/USD daily charts review
On the daily candle chart, the price for gold has passed above the resistance of the 50-day simple moving average and the upper trend line of the 2022 channel down pattern. However, it appears that the May and June low level zone has acted as resistance to the commodity and a decline has started.Daily Candle Chart
Traders are long
This week, the sentiment on the Swiss Foreign Exchange was 59% bullish. Namely, 59% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 58% to buy the precious metal.