On Thursday, the US Gross Domestic Product release is highly likely going to impact the financial markets via an adjustment of the USD value.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
XAU/USD short-term forecast
Potential targets for a decline are the 1,900.00 mark and the 1,895.00 level. Both of these levels have acted as support and resistance in the past.
On the other hand, a potential recovery has to pass above 1,910.25 and the combination of the 1,920.00 mark and the 50 and 100-hour simple moving averages, before once again attempting to reach above 1,930.00.
XAU/USD daily charts review
On the daily candle chart, the metal has passed below the 100-day simple moving average and the lower trend line of the channel up pattern that has guided the price up since October.On this chart support is being found in the 1,900.00/1,915.00 range, which captures the support and resistance zone that has impacted the rate since 2021.
Daily Candle Chart
Gold traders are long
On Wednesday, gold traders were bullish, as 60% of open positions were long.
Meanwhile, pending trade orders in the 1000 point range around the current price were 71% to buy the metal.
On Tuesday, open positions were 59% long and orders were 66% to buy.