By large, until something changes fundamentally in the US monetary policy, it is unlikely that the surge would end. In general retracements occur, price consolidates and afterwards the metal continues to move upwards. Economic Calendar Analysis
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
On Thursday, the surge appears to be looking for support in the 2,150.00 level and could soon resume the surge, as the 50-hour simple moving average catches up with the price and provides additional upward pressure. If these levels fail, watch the 2,140.00, 2,130.00 and 2,120.00 levels that all have acted as support or resistance.
On the other hand, a continuation of the ongoing surge is expected to be slowed down by round levels until the price hits the 2,200.00 level. The larger level could have more impact.
XAU/USD daily charts review
On the daily candle chart, the exact 2023 high level has been marked. It is the 2,146.70, where the metal found resistance before returning back below 2,000.00. On Thursday, it was broken. The price for gold is at a new all-time-high.Daily Candle Chart
Gold traders are shorting
Since Tuesday, 70% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 63% to sell the metal.