Economic Calendar Analysis
On Thursday, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
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 commodity could continue to edge lower. Bearish traders are likely to pressure the XAU/USD pair towards the 1870.00 during this session.
However, the 55– and 100– hour simple moving averages could still provide support for the exchange rate during the following trading session.
Hourly Chart
XAU/USD daily charts review
The yellow metal continues to edge higher in a channel up pattern. The recent decline on Friday, confirmed the strength of the lower trend line of the pattern, as the commodity price bounced off the trend line.In the future, a 23.60% Fibonacci retracement level could provide resistance at 1,928.61.
Daily Candle Chart
Buy orders decrease
Since Tuesday, the sentiment on the Swiss Foreign Exchange has been 53% bearish, as 53% of open position volume was short.
In addition, in the 1000-pip range around the metal's price the pending orders were 74% to buy the metal.
On Tuesday, the XAU/USD orders were 81% to buy.