This week, notable scheduled events are over. Next week's review is set to be done on Friday.
XAU/USD short-term forecast
A move of the price higher might encounter resistance in round price levels. Note the 1,725.00 level, which reversed the recovery on Monday.
However, a decline of the price could look for support in the 200-hour SMA near 1,715.00. Further below, note the 50 and 100-hour simple moving averages near 1,710.00. Afterwards, the 1,700.00 mark might act as support, before the metal reaches the 1,688.65/1,692.90 zone.
XAU/USD daily charts review
On the daily candle chart, note the 2021 and 2022 low level zone at 1,675.00/1,680.00, the 50-day simple moving average near 1,750.00 and the resistance and support zone at 1,755.00/1,760.00.Daily Candle Chart
Sell orders are gone
On Thursday, the sentiment on the Swiss Foreign Exchange was 65% bullish. Namely, 65% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 53% to sell the precious metal.
On Wednesday, positions were 67% long and pending orders were 70% to sell.