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
Below the 1,880.00 mark, the 1,870.00 might act as support. Below these levels round levels are expected to continue to impact the price at 1,860.00, 1,850.00 and 1,830.00.
On the other hand, a recovery of the commodity price is bound to encounter resistance in the zone that surrounds 1,900.00.
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 broke 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 SMA.s
Daily Candle Chart
Read More: Technical Analysis
Traders are neutral
Before the Federal Reserve rate hike, gold traders were short, as 57% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 57% to sell.
On Friday, traders were 51% short and orders were 90% to buy.