Since Wednesday evening, the XAU/USD exchange rate has been consolidating near the 1,875.00 level.
Economic Calendar Analysis
On Thursday, at 13:30 GMT, expect the weekly US Unemployment Claims.
Next week, data releases, which could impact the USD/JPY start on Thursday. At 13:30 GMT, the weekly US Unemployment Claims are set to be published.
On Friday, the US Services and Manufacturing PMIs could cause a notable adjustment in the USD value.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The XAU/USD exchange rate has raised to the 1,875.00 level.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,846.60/1,860.59 range. Thus, bulls could prevail in the market in the short term.
On the other hand, it is likely that gold could trade sideways against the US Dollar between the predetermined support area and the psychological level at 1,880.00.
Hourly Chart
On the daily candle chart, on Wednesday, the metal passed the resistance of the 200-day simple moving average. In the meantime, note the resistance of the 100-day simple moving average near 1,884.70.
Daily Candle Chart
Long sentiment decreases
On Thursday, the sentiment on the Swiss Foreign Exchange was bullish, as 57% of open position volume was long.
On Wednesday, 59% of volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 74% to buy the metal.