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
At 06300 GMT, the 100– hour simple moving average at 1874.6 provided support for the XAU/USD exchange rate and pushed it to the lower border of the ascending channel pattern at 1885.5.
The 55-h SMA at 1880.3 has been providing support for the pair during the rest trading session. At 1430 GMT, the rate surged to 1899.1, breaking the lower border of the ascending channel pattern and the resistance zone at 1890.0.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the metal has been piercing the upper trend line of the channel up pattern, which has guided the price since April.On Tuesday, the yellow metal has breached the upper trend line of the ascending channel pattern and could edge higher to the 23.60% resistance level.
Daily Candle Chart
Traders are long
On Tuesday, the sentiment on the Swiss Foreign Exchange was 51% bullish, as 51% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.
The orders were 72% to buy on Monday.