On Friday, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
XAU/USD short-term forecast
The ongoing decline could look for support in the February and March low levels at 1,805.20/1,808.90. However, the 1,850.00 mark or another round level might reveal itself as support.
In the case of a potential recovery, the 1,880.00 mark is set to act as resistance. Note that this level held the price down throughout Wednesday and early Thursday trading hours. Higher above, take into account the descending 50-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, note the broad large scale channel down pattern. The pattern's support line could cause a recovery of the commodity price.Daily Candle Chart
Gold traders are mostly long
On Wednesday, the Swiss Foreign Exchange, traders were 68% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 83% to buy.
On Thursday, positions were 71% long and orders were 50% to buy and sell.