This week, notable events are over. Due to this reason, the current momentum might remain intact.
XAU/USD short-term forecast
A resumption of the broader decline is expected to look for support in the 1,920.00/1,923.00 range that has previously acted as both support and resistance. Below 1,920.00, take into account the 1,915.00 and 1,910.25 levels and the 1,900.00/1,905.00 range.
However, a move above the 50-hour simple moving average could face resistance in the 1,930.00/1,932.25 range and the 100 and 200-hour simple moving averages. Higher above, note the 1,935.00 and 1,940.00 levels.
XAU/USD daily charts review
On the daily candle chart, it appears that the 1,950.00/1,965.00 zone has held and the metal is set to resume its broader decline. Meanwhile, the commodity price was squeezed in between the support of the 50 and 200-day simple moving averages and the resistance of the 100-day SMA. The price has broken out of the squeeze to the downside.Daily Candle Chart
Gold traders are mostly long
On Thursday, the Swiss Foreign Exchange, traders were 61% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 65% to buy.