After the release, the price for gold returned to trade near the 1,790.00 mark. Due to that reason both decline and surge were still possible scenarios. Economic Calendar Analysis
No more notable events are scheduled this week. Next week's review is set to be published on Monday
XAU/USD short-term forecast
If the price for gold surges, it could find some resistance in the 1,795.00 mark, before aiming at the 1,800.00 level and the 50-hour SMA. Higher above the 100 and 200-hour SMAs were located at 1,805.00 and 1,808.00.
Meanwhile, a decline of the price might look for support in the 1,785.00 level. Further below, there is no technical support. Due to that reason, round price levels could act as support.
XAU/USD daily charts review
The daily candle chart can be used to more clearly explore previous high level zones at 1,830.00 and 1,880.00. Meanwhile, the same rule applies to 2021 low levels.In addition, note that the price was being kept up by the 50, 100 and 200-day simple moving averages since the middle of December. The sharp drop caused by the Fed moved the price below the moving averages.
Daily Candle Chart
Long sentiment grows
Since Thursday, the sentiment on the Swiss Foreign Exchange was 56% bullish, as 56% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 54% to buy the precious metal.
On Wednesday, the sentiment was 54% long and pending orders were 52% to sell.