On Thursday, the surge of the yellow metal's price continued, as the pair managed to pass the resistance of hourly SMAs.
By the middle of the day's GMT hour trading, the price had already touched the 1,583.00 level.
Economic Calendar Analysis
There are no more events scheduled for this week that might impact gold through the adjustments of USD valuation.
XAU/USD short-term forecast
On the one hand, yellow metal could continue to appreciate against the US Dollar within the following trading session. In this case the exchange rate could exceed the 1,585.00 level.
On the other hand, gold could trade sideways in the 1,580.00 area against the Greenback in the short run. Also, it is unlikely that bears could prevail, and the rate could drop below the monthly R2 at 1,570.61.
Hourly Chart
For a rather long period of time, the technical levels of the daily candle chart have been ignored, as the metal had left far below it the daily simple moving average.
However, on Thursday, a junior channel up pattern was added to the chart. It can be observed that commodity price has been following this pattern since the start of December, and the pattern captures the Iran-US conflict surge.
Daily Chart
Swiss traders go short on gold
Since the start of last week, the Swiss Foreign Exchange sentiment had been near neutral. On Thursday, the sentiment had become 55% short. Bears had acquired slight dominance.
It could have occurred due to various reasons, as bulls could have taken profits, and bears opened shorts in the expectations of a retracement back down.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were mostly bullish– 71% of orders were to buy and 29% to sell.
The orders were 57% to buy on Wednesday.