However, the 1,850.00 mark acted as support and a following surge managed to reach above the 50-hour SMA and reach the 1,870.00 mark. Economic Calendar Analysis
On Thursday, the US Unemployment Claims could cause an adjustment of the USD value.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
A continuation of the recovery of the commodity price might encounter resistance at the 1,880.00 level, from which the price bounced off on February 15. Higher above, gold is most likely going to find resistance in the 1,900.00 mark.
However, a decline of the metal's price would most likely look for support in the 1,865.00 level and the 50-hour simple moving average near 1,860.00, before declining to the 1,850.00 mark and the 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the yellow metal has broken out of the triangle pattern, which had guided the price since October. A break-out up needs to pass the resistance of the November high level zone, before booking new highs.On Tuesday, the November high level was shortly passed, as the price properly touched the 1,880.00 mark.
Daily Candle Chart
Traders set up sell orders
On Tuesday, the sentiment on the Swiss Foreign Exchange was 63% bearish, as 63% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 75% to buy the precious metal.
On Wednesday, the sentiment was 64% short and pending orders were 83% to sell.