On Thursday, the price of the commodity was fluctuating between the 1,865.00 and 1,880.00 levels. Economic Calendar Analysis
No more events are able to impact the price of gold during this week. Next week's analysis is set to be released during the early hours of Thursday's US trading hours.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In regards to the near term future, the metal could surge due to the approaching support of the 100-hour simple moving average near 1,860.00. A potential surge could test the resistance of the 1,880.00 and 1,890.00 levels before reaching the 1,900.00 mark.
On the other hand, a failure of the 100-hour SMA might result in a decline first to the 1,855.00 level and afterwards the 200-hour simple moving average near 1,845.00.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the metal has broken the resistance of the 1,850.00 mark and the 200-day simple moving average, which was strengthening the round price level.In the meantime, on Thursday, it was spotted that the price has been surging in a channel up pattern since the start of April. Most recently, the metal had reached the upper trend line of this pattern.
Daily Candle Chart
Long sentiment starts to appear
On Wednesday, the sentiment on the Swiss Foreign Exchange was 53% bullish, as 53% of open position volume was long. On Thursday, the sentiment was 54% long.
On Tuesday, the sentiment was neutral, as 50% were to buy and 50% were to sell.
On Thursday, in the 1000-pip range around the metal's price the pending orders were 60% to buy the metal.