There are no close by scheduled events that might impact the value of the US Dollar and the price of gold.
XAU/USD short-term forecast
A move above 1,880.00 is expected to encounter resistance in the 1,900.00 mark, before the metal reached January high levels.
On the other hand, a decline of the commodity below 1,860.00 might find support in the 1,850.00 level.
XAU/USD daily charts review
On the daily candle chart, the metal has plummeted below the support zone at 1,900.00/1,910.00 and broken the channel up pattern, which pushed the commodity up since early November.In the near term future, support might be found in the 1,850.00 mark and the 50-day simple moving average. Further below, note the support zone near 1,800.00 and the 100 and 200-day SMAs.
Daily Candle Chart
Read More: Technical Analysis
Traders are neutral
On Tuesday, gold traders were neutral, as 50% of open positions were long and short.
Meanwhile, pending orders in the 1000-pip range were 58% to sell.
On Friday, traders were 51% short and orders were 90% to buy.