On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
XAU/USD short-term forecast
If the price eventually passes above 1,985.00, the 2,000.00/2,010.00 range is expected to act as resistance. In regards to additional resistance, note the 200-hour SMA near 1,980.00 it could approach and strengthen the 50 and 100-hour SMAs.
On the other hand, a move below 1,952.00 might find support in the 1,950.00 mark and the late March low levels at 1,944.25 and 1,935.50. These two levels acted as support and managed to cause major surges.
XAU/USD daily charts review
On the daily candle chart, the decline has passed below the 50-day simple moving average near 1,990.00 and reached the support zone above 1,950.00.In regards to the future, note the approaching 100-day simple moving average near 1,940.00.
Daily Candle Chart
Gold traders are long
On Wednesday, gold traders were bullish, as 54% of open positions were long.
Meanwhile, pending trade orders in the 1000 point range around the current price were 62% to buy the metal.
On Thursday, positions were 55% long and orders were 62% short.