Since the middle of Wednesday's GMT trading hours, the yellow metal's price has been trading sideways around the 1,610.00 level.
The commodity price was expected to continue to trade sideways until it would be approached by the support of the 55-hour simple moving average.
Economic Calendar Analysis
No more data releases that could impact gold's price are scheduled for this week.
Meanwhile, take into account that next week's event analysis is bound to be published in the Fundamental Analysis section in the second part of Thursday's London trading hours.
XAU/USD short-term forecast
The yellow metal is expected to trade sideways until it is approached by the support of the 55-hour simple moving average.
In theory, the 55-hour SMA should provide the commodity price with the needed support to resume its surge.
Hourly Chart
On the daily candle chart, on Monday, Dukascopy Analytics added a new channel up pattern, which was drawn by using the February and December low levels.
In general, judging by the size of this pattern and comparing it with the pattern that guided the late 2019 decline, it is expected that the channel up could guide the price upwards during the following months.
Daily Chart
Traders are short on gold
On Thursday, the Swiss Foreign Exchange gold sentiment was 61% short. Namely, 61% of open position volume was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 68% of orders were to buy and 32% to sell.
Previously, the orders were 55% to buy.