On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
XAU/USD short-term forecast
Eventually, the surge should break through all round levels and face the 2,700.00 mark. The major round price level is set to hold for at least a week.
Meanwhile, a decline of the commodity price is set to look for support in the 2,650.00/2,655.00 range and the ascending 50-hour simple moving average. Further below, note the 2,640.00 level and the ascending 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the resumed surge of the price.Most recently, after a long period of consolidation, the metal has broken out of the consolidation rate to the upside.
There is not much to add. Gold keeps heading higher, as the USD is loosing value due to rate cuts, and there are signs of risks to the global economy. Both aspects fuel the surge.
Daily Candle Chart
Traders remain short
On Wednesday, 72% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 60% to sell the metal.
On Monday, traders were still 73% short and orders were 62% to buy.
Dukascopy traders have been shorting the metal for most part of the summer. It is assumed that these positions are in the loss.