On Friday, watch out for the US monthly employment data, which is bound to impact the markets at 12:30 GMT through the value of the USD.
XAU/USD short-term forecast
A continuation of the price surge could find resistance in the 2,050.00 mark. This level has stopped numerous broader surges of the safe haven commodity price. For moves higher, refer to the daily candle chart and historical high levels.
However, a potential decline of the commodity is set to look for support in the 2,015.00 level, before approaching the 2,000.00/2,010.00 zone's support. Note that the 50, 100 and 200-hour simple moving averages are moving into the support zone and could strengthen it.
XAU/USD daily charts review
On the daily candle chart, the metal has been struggling to move since mid-April, as the price remains near 2,000.00. It could be due to the fact that the markets expect the Federal Reserve Rate hike.Daily Candle Chart
Traders are almost neutral
After the Fed announcement, gold traders were slightly short, as 52% of open positions were short.
Meanwhile, pending trade orders in the 1000 point range around the current price were 50%/50% to buy and sell the metal.
Prior to the Fed rate announcement, the open positions were 55% long and orders were 50%/50% balanced.