Since the middle of Wednesday's GMT trading hours, the yellow metal's price has remained below the 1,950.00 mark.
In addition, on Thursday, the price remained below the 1,940.00 level, which was strengthened by the 55-hour simple moving average.
Economic Calendar Analysis
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 12:30 GMT.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
Given that yellow metal is pressured by the 55-hour moving average near 1,940.00, it is likely that some downside potential could prevail in the market. In this case the rate could decline to the 1,860.00 level.
In the meantime, it is likely that the exchange rate could gain support from the monthly PP at 1,907.07. If the given level holds, it is likely that gold could consolidate against the Greenback.
Hourly Chart
On the daily candle chart, the Fibonacci retracement levels are added to the recent late July and August sharp surge. Note that the levels have been providing both resistance and support to the commodity price.
Daily Candle Chart
Traders remain short
On Wednesday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 55% was short.
By the middle of Thursday, the sentiment had become 53% short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 60% to sell.
Previously, the orders were 54% to sell.