However, during the first half of Wednesday a retracement downwards occurred, as traders took profits before the release of the US Preliminary Quarterly Gross Domestic Product change number. The data is set to set the future near term direction of the commodity price by impacting the value of the US Dollar. Economic Calendar Analysis
On Wednesday, at 13:30 GMT, the US Preliminary quarterly GDP is expected to impact the financial markets through the value of the US Dollar.
On Thursday, the publication of the US Core PCE Price Index at 13:30 GMT is most likely going to cause a USD move, as the US monetary policymakers watch this indicator.
XAU/USD short-term forecast
A resumption of the surge would highly likely face resistance of the 2,050.00 mark. Higher above, note the marked 2,060.00 and 2,080.00 levels. These round price levels have shown in the past to be capable at acting as support and resistance.
Meanwhile, a potential decline of the commodity price is expected to look for support in the 50-hour simple moving average near 2,030.00. Below the 50-hour SMA, note the ascending 100-hour SMA that is strengthening the 2,010.00 mark, but could move higher to the 2,020.00 level.
XAU/USD daily charts review
On the daily candle chart, the metal has broken the resistance range that surrounds the 2,005.00 mark. A broad extension of the surge could aim at the 2,065.30/2,082.80 range.Daily Candle Chart
Gold traders are shorting
On Monday, the Swiss Foreign Exchange, traders were 60% short on gold, as that proportion of open Gold positions were short.
In the meantime, pending orders in the 1000 point range around the current price have been 53% to buy.
On Tuesday, traders were 60% short and orders were 51% to buy.
By mid-Wednesday, more short sellers showed up, as 62% of volume was in short positions. Pending orders were 57% to buy.