By 14:00 GMT, the price had reached above the 50 and 100-hour simple moving averages and the upper trend line of the channel down pattern, which has guided the metal down from the 1,950.00 mark since March 17. Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and the weekly Unemployment Claims might cause minor moves on USD charts.
Week's notable events will end with the release of the US Manufacturing and Services PMIs at 13:45 GMT, also on Thursday.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the price surges, it might encounter resistance in the form of the 200-hour simple moving average near 1,940.00. Higher above, the 1,950.00 mark and the zone that surrounds it might once again reverse a recovery if the commodity.
However, a decline might find support in the 50 and 100-hour simple moving averages near 1,930.00, before approaching the March low level zone at 1,895.60/1,907.50.
XAU/USD daily charts review
On the daily candle chart, the metal's price is being approached by the 50-day simple moving average, which is located near 1,885.00.Daily Candle Chart
Traders are neutral
On Tuesday, the sentiment on the Swiss Foreign Exchange was 51% bullish, as 51% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 55% to buy the precious metal.
On Wednesday, the open positions were 50% long and 50% short. Pending orders were 64% to buy the metal.