During these events, the price for Gold dropped to the 2,025.00 level and then surged above 2,060.00. In general, wait for the fundamental volatility to end, before returning to Economic Calendar Analysis
Next week's analysis is set to be published on Monday.
XAU/USD short-term forecast
Higher above, take into account the 2,075.00 and 2,085.00 levels that have shown to be capable of impacting the pair.
On the other hand, a decline of the commodity price is expected to look for support in the 2,050.00 and 2,030.00 levels. Further below, support could be found in the 2,010.00 and 2,000.00 levels.
XAU/USD daily charts review
On the daily candle chart, most recently the 2021 and 2022 high level range at 2,065.30/2,082.80 has been ignored by the metal.Meanwhile, take into account the approaching 50-day simple moving average near 2,013.60. This technical indicator could act a support.
Daily Candle Chart
Gold traders are short
On Wednesday, 66% were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 74% to buy the metal.
On Thursday, traders were 65% short and pending orders were 66% to sell.
On Friday, 64% were short and orders were 64% to buy.