In the meantime, since Wednesday, the price has been fluctuating in a symmetrical triangle pattern. In theory, the metal's price should reduce volatility in the borders of the pattern until a break out up or down occurs. Usually, a break out from a triangle occurs in a sudden sharp move. Economic Calendar Analysis
At 12:30 GMT on Thursday, the US Preliminary GDP is set to be published.
Also on Thursday, the weekly US Unemployment Claims are set to be published at 12:30 GMT. Our analysts have been ignoring this event since February, as it did not have an impact on the USD. This week, another check of the data was done.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
A potential surge could reach for the resistance of the 1,900.00 mark. Note that there are no technical resistance levels above the price, as all of the simple moving averages have been left below.
On the other hand, a decline could look for support in the 55, 100 and 200-hour simple moving averages. The SMAs are located respectively near 1,875.00, 1,870.00 and 1,850.00. In addition, the previously passed February high at 1,855.00 might provide support.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the metal is piercing the upper trend line of the channel up pattern, which has guided the price since April.Daily Candle Chart
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was 53% bullish, as 53% of open position volume was long.
On Thursday, the sentiment was 54% long.
On Friday, in the 1000-pip range around the metal's price the pending orders were 60% to buy the metal.
The orders were 60% to buy on Thursday.