On Thursday, the publication of the US Consumer Price Index and US Core Consumer Price Index data at 13:30 GMT is set to impact the value of the US Dollar. Note that at the same time, the weekly US Unemployment Claims will be published.
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 commodity price continues to surge, it should reach for the resistance of the 1,825.00 level. Higher above, the summer high levels near 1,830.00 might act as resistance and stop a surge.
Meanwhile, a decline of the price might look for support in the 1,815.00 level and the 50-hour simple moving average, before reaching the 100-hour SMA and the 1,810.00 mark.
XAU/USD daily charts review
On the daily candle chart, the price has returned to fluctuate above the 50, 100 and 200-day simple moving average. It appeared at the start of this week that the SMAs had been largely ignored during the first week of February.Daily Candle Chart
Traders close long positions
For more than a week, the sentiment on the Swiss Foreign Exchange was 57% bullish, as 57% of open position volume was in long positions.
Meanwhile, on Monday, in the 1000-pip range around the metal's price pending trade orders were 52% to buy the precious metal.
On Tuesday, the situation changed, as 55% of volume was long, and the pending orders were 71% to sell..