This week, notable scheduled events are over. Next week's review is set to be done on Friday.
XAU/USD short-term forecast
A move of the price below the 1,688.65/1,692.90 zone could result in the price reaching the 2021 low level at 1,670.50.
On the other hand, a potential move above the 50 and 100-hour simple moving averages near 1,700.00 might encounter resistance in the 200-hour simple moving average near 1,718.00.
XAU/USD daily charts review
On the daily candle chart, note the 2021 and 2022 low level zone at 1,675.00/1,680.00, the 50-day simple moving average near 1,750.00 and the resistance and support zone at 1,755.00/1,760.00.Daily Candle Chart
Traders are bullish on gold
On Tuesday, the sentiment on the Swiss Foreign Exchange was 66% bullish. Namely, 66% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 74% to buy the precious metal.
On Wednesday, positions were 67% long and pending orders were 70% to sell.