On Wednesday, the price could move due to the FOMC Meeting Minutes at 18:00 GMT. The value of the US Dollar might be impacted by new information revealed by the US Federal Reserve.
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
In the near term future, the metal was expected to consolidate by trading sideways until the hourly simple moving averages catch up with it and provide the needed support for a resumption of the surge.
On the other hand, the price could decline and reach the 55-hour SMA near 1,850.00 instead of trading sideways.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the metal has broken the resistance of the 1,850.00 mark and the 200-day simple moving average, which was strengthening the round price level.In the meantime, on Thursday, it was spotted that the price has been surging in a channel up pattern since the start of April. Most recently, the metal had reached the upper trend line of this pattern.
Daily Candle Chart
Traders are neutral
On Monday, the sentiment on the Swiss Foreign Exchange was 51% bullish, as 51% of open position volume was long.
On Tuesday, the sentiment was neutral, as 50% were to buy and 50% were to sell.
Since Monday, in the 1000-pip range around the metal's price the pending orders were 71% to buy the metal.