Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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
As for the near future, the exchange rate could continue to edge lower. Bearish traders are likely to target the 200– hour SMA at 1881.2 during the following trading session.
However, the 100– hour moving average at 1891.6 might provide support for the XAU/USD exchange rate in the shorter term.
Hourly Chart
XAU/USD daily charts review
After breaching the upper trend line of the ascending channel pattern on Tuesday, the yellow metal has continued trading in limbo and might edge higher towards the 23.60% retracement level.Daily Candle Chart
Traders set up buy orders
Since Wednesday, the sentiment on the Swiss Foreign Exchange has been 51% bearish, as 51% of open position volume was short.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 55% to buy the metal.