On Thursday, the yellow metal traded below the 1,900.00 level. In the meantime, the rate appeared to be finding support in the 1,885.00 level.
In regards to the near term future, the chart of the commodity price could be impacted by the 55 and 100-hour simple moving averages.
Economic Calendar Analysis
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
On Thursday morning, the yellow metal began to test the resistance of the 55-hour simple moving average at 1,895.00. In the meantime, the rate was facing the additional resistance of the 100-hour SMA at 1,898.80. Moreover, the 1,900.00 mark was still expected to provide psychological resistance.
In the likely case that the price declines due to the resistance levels, it could test round price level support like the 1,885.00, 1,880.00 and 1,875.00 levels.
On the other hand, a passing of the 1,900.00 level would find resistance at 1,909.25.
Hourly Chart
On the daily candle chart, the rate has been testing the resistance of the 38.20% Fibonacci retracement level at 1,916.78.
After a couple of failed tests, the rate retreated to the support of the 1,879.18 level where a 23.60% Fibonacci retracement level was located at.
In the meantime, it was spotted that the price bounced off the resistance of a trend line that connects the August and mid-September high levels.
Daily Candle Chart
Traders are long
Since Wednesday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 54% was long.
Meanwhile, in the 1000-pip range around the metal's price the orders were 66% to buy the metal.