Economic Calendar Analysis at 12:00 GMT
On Thursday, the US Core Durable Goods Orders data will be published at 12:30 GMT.
The week will end with the US Advance GDP data release on Friday at 12:30 GMT.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate tried to breach the short-term ascending channel south. During today's morning, the rate was testing the resistance of the 100-hour SMA at 1,426.59.
From a theoretical point of view, it is expected, that a reversal north should occur in the nearest future. Also, note, that the rate is supported by the 55– and 200-hour SMAs, currently located circa 1,420.00.
On the other hand, if the given moving averages hold, it is likely, that gold could maintain its consolidation against the US Dollar.
Hourly Chart
On the daily chart, it can be observed that the metal has pierced the resistance of the August 2013 high level at 1,434.70. The historical level was expected to provide support to the commodity price.
Daily Chart
Short sentiment remains unchanged
Since Tuesday, 71% of open gold position volume on the Swiss Foreign Exchange was short.
During the retracement down these positions should have gained profits.
Meanwhile, in the 1000 base point range around the current metal's price the orders were bearish - 58% of orders were set to sell, and 42% were set to buy.