On Tuesday, the XAU/USD exchange rate tried to exceed the resistance formed by the 55- and 100-hour SMAs near 1,727.00.
During Wednesday morning, the rate reversed south and pierced the 200-hour SMA.
In regards to the metal's price during current week, there are a couple of scheduled macroeconomic data releases that could impact it.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below normal volatility.
XAU/USD short-term forecast
On Tuesday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55– and 100-hour SMAs near 1,725.00. During today's morning, the rate pierced the 200-hour SMA near 1,717.00.
It is likely that yellow metal could be pushed down by the 55– and 100-hour moving averages to the 1,705.00/1,700.00 area.
However, if the 200-hour SMA holds, it is likely that gold could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, it can be spotted that a surge in May was stopped by the psychological resistance of the 1,750.00 mark. This level could provide resistance in the case of the 1,740.00 failing to keep the price down.
Daily Candle
Traders remain neutral
On Tuesday, on the Swiss Foreign Exchange 51% of open position volume was in short positions.
On Wednesday, the sentiment was also neutral, as it was balanced. Half of volume was short and the second half was long.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 63% were bullish orders.