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XAU/USD short-term forecast
The commodity is currently trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1800.00 level could be expected within this session.
However, if the channel pattern holds, the XAU/USD exchange rate could make a brief retracement towards the 55– hour SMA at 1823.91 in this session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the rate is testing the resistance of the 55 and 200-day simple moving averages, which are located near 1,830.00 mark.Meanwhile, note that a potential decline of the price could find support in the 100-day simple moving average near 1,790.00.
Daily Candle Chart
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 53% bullish.
On Friday, the sentiment was 55% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 84% to buy gold.