Gold prices have fallen more than expected. On Friday, the metal had also passed the technical levels near the 1,285.00 level.
In general, the metal was expected to continue its decline.
All of the notable data sets of the week have been published. You can watch all of the data covers on the Dukascopy Webinars YouTube channel.
XAU/USD short-term forecast
The yellow metal's charts have been updated. On the hourly chart, it could be seen that there are no notable short term patterns.
Meanwhile, the price had fallen below all of the close by pivot points and the simple moving averages. Due to that reason the price was expected to continue its decline as low as 1,282.00.
On the other hand, gold began to consolidate on Thursday. The consolidation could continue during today's trading.
Hourly Chart
The daily candle chart has been upgraded. The main update to mention is the fact that the previous descending pattern was junior to a larger channel down pattern.Due to that reason the rate is expected to resume its surge and gradually reach the upper trend line of the dominant pattern.
However, it can occur in various ways – by surging, trading sideways or declining.
Daily Chart
Swiss traders short gold
Since Thursday, 68% of all total open gold position volume on the Swiss Foreign Exchange was in short positions.
A majority of traders was profiting from the decline.
Meanwhile, in the 1000 base point range around the current price 59% of pending orders were set to buy the metal.