The week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Wednesday, the XAU/USD exchange rate reversed north from the lower boundary of the rising wedge pattern. During today's morning, the rate was testing the lower pattern line.
From a theoretical point of view, it is likely that a reversal north could occur in the nearest future, and the price for gold could target the upper pattern line located circa 1,570.00.
However, note that the yellow metal is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1,555.00. Thus, some downside potential could prevail.
Hourly Chart
On the daily candle chart, the metal appears to be consolidating after the recent high levels.
Meanwhile, the pair has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the daily SMAs.
Daily Chart
Traders are neutral on gold
On Thursday, 52% of all open gold positions on the Swiss Foreign Exchange were long. The sentiment has been near neutral throughout the week.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were also neutral– 51% of orders were to sell and 49% to buy.
The orders were 65% to buy on Wednesday.