During today's early hours, the XAU/USD exchange rate declined to the support provided by the 100- and 200-hour SMAs near 1,850.00.
Economic Calendar Analysis
On Friday, the US Services and Manufacturing PMIs could cause a notable adjustment in the USD value.
Next week is going to be relatively calm in regards of the economic calendar.
Most of notable events are expected from the United States. Namely, on Wednesday, January 27, the Federal Reserve is going to unveil its monetary policy plans by publishing the FOMC Statement at 19:00 GMT.
On Thursday, January 28, the US Advance GDP data is set to be released at 13:30 GMT. Also, the US Unemployment Claims data will be published at the same time.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
As apparent on the chart, the XAU/USD exchange rate failed to surpass the 1,875.00 level.
It is likely gold could gain support from the 100– and 200-hour moving averages near 1,850.00 and trade upwards in the short term. In this case the price for gold could target the psychological level at 1,890.00.
However, if the 1,875.00 mark hold, the yellow metal could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the rate is now supported by the 200-day moving average near 1,845.00. If the resistance of 100-day moving average near 1,884.00 does not hold, the price for gold could raise.
Daily Candle Chart
Long sentiment decreases
On Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 56% of open position volume was long.
On Thursday, 57% of volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 80% to buy the metal.