During today's morning, the XAU/USD exchange rate declined to the support cluster formed by the 55-, 100- and 200-hour SMAs. If it holds, yellow metal could add to gains against the Greenback.
Economic Calendar Analysis
This week there are a couple of US data releases on the economic calendars that are shown as high impact.
On Thursday, the US ADP Non-Farm Employment Change will be published at 12:15 GMT.
On Friday, US employment data will be published. The event will have three numbers being revealed – the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
During the previous trading session, the XAU/USD exchange rate skyrocketed to the psychological level at 1,550.00. During today's morning, the rate tumbled to the 1,540.00 level.
It is unlikely that the price for gold could decline lower than the 1,530.00 mark, as the commodity is supported by the 55-, 100– and 200-hour moving averages. The rate could trade sideways near the given support in the short run.
On the other hand, yellow metal could appreciate against the US Dollar within the following trading session. A possible upside target is the 1,545.00/1,550.00 range.
Hourly Chart
On the daily candle chart, the recent surge did not pierce the upper trend line of the ascending channel pattern.
Note that the exchange rate has been testing the 1,550.00 level since the second half of August.
Daily Chart
Swiss traders remain short
On Wednesday, 69% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 65% of orders were to buy and 35% to sell.