Gold has broken the 1,300.00 level and surged up to the 1,310.00 level by the middle of Wednesday's trading session.
In addition, on the Dukascopy Analytics technical charts the pair had no resistance as far as the 1,321.00 level.
Economic Calendar Analysis
The week's important events will end already on Wednesday. At 12:30 GMT the US Durable Goods Orders and the US Producers Price Index will be released.
For more information watch the weekly calendar analysis stream on our YouTube channel.
XAU/USD short term forecast
During Tuesday's session, the yellow metal broke the medium pattern to end the trading session at the 1,300.00 level as it was predicted. On Wednesday morning, gold surged to the 1,308.57 mark.
In regards to the near-term future, it is expected that the yellow metal will trade sideways at the 1,310.00 level.
However, today's US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might push gold towards the monthly pivot point at the 1,321.03 mark.
Hourly Chart
On the daily chart the rate has broken a strong resistance cluster, which is located from 1,290.00 to 1,301.00.Meanwhile, the 55-day simple moving average had begun to provide support to the commodity price, as it was pushing the price higher at 1,301.20.
In regards to resistance, the most close by technical resistance was the monthly pivot point at 1,321.03.
Daily Chart
Short sentiment slightly decreases
On Wednesday, 57% of the open position volume on the Swiss Foreign Exchange remained short.
Meanwhile, the trader set up pending orders in a 1000 base point range around the metal's current price reveal additional information.
Namely, trader pending orders were almost neutral, as 51% of orders were set to sell.