On Thursday, the yellow metal traded between the 1,860.00 and 1,865.00 levels. In the meantime, the simple moving averages were located above the commodity price.
On Thursday, expect the usual US Unemployment Claims at 13:30 GMT.
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XAU/USD short-term forecast
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,879.00/1,886.00 range, it is likely that some downside potential could continue to prevail in the market.
On the other hand, a reversal south could occur in the nearest future, and the price for gold could raise to the predetermined resistance range.
Hourly Chart
On the daily candle chart, the yellow metal is once again approaching the support of the 1,850.00 mark.
Note that the 1,850.00 level provided the metal with support in late September and during the metal's recent Pfizer vaccine drip.
Daily Candle Chart
Short sentiment grows
On Thursday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 67% was long.
During the week up to this Thursday, the sentiment was 63% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.