The XAU/USD exchange rate touched the 1,700.00 level and reversed north.
Given that the rate is squeezed by 55- and 200-hour SMAs, it is likely that the rate could consolidate.
This week, there is one notable time to watch the economic calendar. Today, a group of various US data sets will be published at 12:30 GMT.
XAU/USD short-term forecast
On Wednesday, the XAU/USD exchange rate reversed north from the 1,700.00 level. During today's morning, the rate pierced the 100-hour SMA near 1,721.00.
It is likely that yellow metal could gain support from the 55-hour SMA near 1,715.00 and extend gains against the US Dollar. In this case the rate would have to exceed the 200-hour SMA near 1,733.00.
If the given resistance holds, it is likely that gold could trade sideways against the Greenback within the following trading session. If the given support does not hold, the rate could target the 1,700.00 level.
Hourly Chart
On the daily candle chart, it was spotted on Wednesday that the high levels of August 26, February 21, March 9 and April high levels can be connected in a resistance trend line. This trend line provided resistance to the metal on last Monday.
Daily Candle
Traders go long on gold
On Thursday, trader open position volume on the Swiss Foreign Exchange was 54% long.