On Wednesday, the surge continued, as the price used the 2,020.00 mark as support and reached above 2,030.00. Economic Calendar Analysis
Above all, on Friday, at 12:30 GMT, the United States will publish the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
A move higher is expected to encounter major resistance in the 2,050.00 mark. Note that the metal's price shortly traded above the 2,050.00 mark during early March of 2022.
On the other hand, a decline is most likely going to look for support in the 2,000.00/2,010.00 zone.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Next target for the surge is the 2020 August and 2022 March high level zone.
Daily Candle Chart
Read More: Technical Analysis
Traders are short
On Wednesday, gold traders were bearish, as 62% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 57% to sell.