On Friday morning, the price for gold was trading at the psychological level at 1,282.00.
Given, that the XAU/USD exchange rate is supported by the ascending trend line, it is likely, that the price could maintain its growth.
Economic Calendar Analysis
On Friday, at 12:30 GMT the US Advance GDP will be published. This is the top US data set, which has the largest impact on the US currency.
Meanwhile, check out the previous data release covers and economic calendar analysis on the Dukascopy Webinars YouTube channel.
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate surpassed the 200-hour SMA and reached the psychological level at 1,282.00.
From a theoretical point of view, it is likely, that the rate trades upwards, as it is supported by the ascending trend line located in the 1,280.00/1,284.00 range. A possible upside target is the psychological level at 1,285.00.
In case, bears would prevail in the market, the price for gold could decline to the support level formed by a combination of the 55– and 100-hour SMAs located circa the 1,276.00 mark.
Hourly Chart
As apparent on the cart, the exchange rate is still supported by the monthly S1 at the 1,274.13 mark.It is unlikely, that the price for gold could jump higher than 1,291.14 due to the resistance of the 100-day SMA.
Daily Chart
Traders go short
On the Swiss Foreign Exchange, 61% of open position volume was in short positions.
Meanwhile, the trader set up pending orders in the 1000-base point range around the metal's current price were bearish. Namely, 58% of all orders were to sell.