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
In the case that the commodity price continues to surge, it could find resistance in round price levels until the bullion reaches the resistance of the 1,850.00 level.
On the other hand, a decline of the price would most likely look for support in the 1,825.00 mark and the 50-hour simple moving average. Further below, support might be found in the 1,815.00 level and the 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the yellow metal appears to be in a large scale triangle pattern since the commodity price booked the August low level. A potential break out of the pattern could result in a large and sharp move either up or down.Daily Candle Chart
Traders continue to 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.
By the middle of Wednesday, the sentiment was 52% long. Meanwhile, pending orders were 68% to sell.