At mid-day on Wednesday, the price was approached by the resistance of the 50-hour SMA. Economic Calendar Analysis
On Wednesday, at 13:30 GMT, the US Dollar might react to the publication of the US Final GDP. Although, the only release for more than a year, which caused a noteworthy move was the latest one, September 30 2021.
On Thursday, at 13:30 GMT the US Durable Goods Orders and Core Durable Goods orders data will be published. However, during the prior months the data release has not caused increases of volatility.
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XAU/USD short-term forecast
If the 50-hour SMA causes a decline, the price would need to pass the 200-hour simple moving average near 1,787.00, before aiming at the lower trend line of a channel down pattern near 1,775.00.
On the other hand, a recovery of the bullion would have to reach above the 50-hour SMA near 1,792.00. Afterwards, the upper trend line of the channel down pattern could act as resistance near 1,793.50. Close nearby, note the 100-hour simple moving average at 1,795.70.
XAU/USD daily charts review
On the daily candle chart, the Federal Reserve announcement broke the resistance of the 50, 100 and 200-day simple moving averages and the October and November low level trend line. These levels were acting as resistance since November 31.Meanwhile, the daily candle chart can be used to more clearly explore previous high level zones at 1,830.00 and 1,880.00.
Daily Candle Chart
Traders are long
Since Monday, the sentiment on the Swiss Foreign Exchange was 55% bullish, as 55% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 52% to buy the precious metal.
On Wednesday, the open positions were 56% long and the orders were 54% to sell.