In the meantime, traders stick to short positions, expecting the price to eventually decline back to previous levels.
Economic Calendar Analysis
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
In the near term future, the price could surge due to the additional support of the 50-hour simple moving average. The SMA could force the metal to move through the 2,050.00 mark and test the 2,060.00 level.
However, a decline below the SMA could plummet to the 100-hour SMA near 2,025.00, unless the 2,030.00 mark turns into support.
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
Before GDP release, more short sellers showed up, as 62% of volume was in short positions. Pending orders were 57% to buy.
After the US GDP publication, traders were 63% short and orders were 53% to sell.