The previous metal bounced off the lower boundary of an ascending channel pattern during the Asian session on Monday. 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
Most likely, the commodity could edge higher during the following trading session.
However, the yellow metal could encounter resistance at the 1890.0 level within this session.
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 Monday, the sentiment on the Swiss Foreign Exchange was 52% bullish, as 52% of open position volume was long.
On Friday, the sentiment was 53% long.
On Friday, in the 1000-pip range around the metal's price the pending orders were 72% to buy the metal.
The orders were 60% to buy on Friday.