On Friday, the US Fed Monetary Policy Report at 2:00pm GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Currently, the commodity is 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 200– hour SMA at 1785.6 could be expected within this session.
However, if the ascending channel pattern holds, buyers might aim at the 1830.00 level today.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the fundamental move up that was caused by US employment data managed to pierce the resistance of the 100-day simple moving average, which was keeping the price down since June 18.A potential target for the surge could be the combination of the 55 and 200-day simple moving averages near 1,830.00.
Daily Candle Chart
Traders are neutral on gold
On Thursday, the sentiment on the Swiss Foreign Exchange was 65% bullish, as 64% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 50% to buy gold.