In general, the metal's price is expected to test the resistance of the 1,545.00 level, which kept the price down on Tuesday.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published.
XAU/USD short-term forecast
The yellow metal is expected to be pushed up by the 55-hour simple moving average. The move higher is expected to reach and test the resistance of the 1,545.00 level.
If the rate passes the 1,545.00 level, it is bound to reach up to the 1,550.00 level.
On the other hand, the commodity price might trade sideways until additional technical support in the form of the 100-hour simple moving average approaches from below.
Hourly Chart
On the daily candle chart, the recent surge did not pierce the upper trend line of the ascending channel pattern.
Daily Chart
Short sentiment increases
On Wednesday, 69% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Previously, 63% of open position volume was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the orders were strongly bearish – 59% of orders were to sell and 41% to buy.