Meanwhile, from a broader perspective the price remained in the previous sideways trading range between 1,655.00/1,660.00 and 1,677.60/1,680.25 even during the event. The only time the price for the metal managed to trade above 1,680.25 was during the Wednesday's Federal Reserve announcement and press conference volatility. Economic Calendar Analysis
On Friday, at 13:45 GMT, the US PMIs are scheduled to be release. However, in most cases the market ignores this event.
XAU/USD short-term forecast
In general, the technical situation remains unchanged. A surge above 1,680.00 might encounter resistance in the 200-hour SMA and the 1,700.00 mark. On the other hand, a decline below 1,655.00 is expected to find support in round price levels.
Hourly ChartXAU/USD daily charts review
On the daily candle chart, the price has passed below the 2021 and 2022 low level zone at 1,675.00/1,680.00. On September 19 it was observed that the previous support zone has turned into resistance.Daily Candle Chart
Traders are long
Before the rate statement, the sentiment on the Swiss Foreign Exchange was 69% bullish. Namely, 69% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 52% to buy and sell the precious metal.
On Thursday, open positions were 70% long and orders were 76% to sell. Traders bought some gold after the surge, but have set up sell orders to get rid of it.