The recovery of gold's price continues. By the middle of Thursday's trading the yellow metal had reached the 1,470.00 level.
In regards to the future, the commodity price is still expected to reach for the pivot point at 1,475.18.
Economic Calendar Analysis
The US PPI and Core PPI data sets are scheduled to be released on Thursday at 13:30 GMT. This is a minor data release, but still worth taking into account.
On Friday, the US Retail Sales data sets will be out at 13:30 GMT.
The week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.
XAU/USD short-term forecast
On Thursday morning, the metal's price reached the 1,470.00 price level. The round level provided psychological resistance.
In general, the rate was expected to pass the 1,470.00 level and surge up to the resistance of the first monthly resistance of the simple pivot points at 1,475.18. In addition, note that by the time the price reaches this level, the pivot point should be strengthened by the 200-hour simple moving average.
On the other hand, the price might fluctuate sideways until the short term SMAs catch up with it. Gold has sharply broken off from the 55 and 100-hour simple moving averages. It indicates that the metal is slightly overbought.
Hourly Chart
On the daily candle chart, the rate appears to be consolidating by retracing back up.
Meanwhile, on a larger scale, the metal's price is heading to the lower trend line of a dominant pattern. The support line of the pattern could be met in December.
Daily Chart
Traders remain long on gold
Since Wednesday, 57% of volume was in long positions. Namely, the SWFX sentiment was bullish.
Since Monday, the sentiment had fluctuated up and down by one percent.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 54% of orders were to buy and 46% to sell.
Previously, the orders were 59% to buy.