The XAU/USD exchange rate has been consolidating near 1,960.00 since Tuesday evening.
Yellow metal could gain support from the 55-hour SMA and trade upwards in the short run.
Economic Calendar Analysis
Notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate reversed north from the 55-hour SMA. During Wednesday morning, the rate was testing the 1,960.00 level.
It is likely that yellow metal could gain support from the given moving average and trade upwards in the nearest future.
Meanwhile, note that the exchange rate could face the resistance at the 1,980.00 mark. If the rate fails to exceed the predetermined level, it is likely that the price for gold could consolidate.
Hourly Chart
On the daily candle chart, the metal has reached a new historical high level, as the 1,912.40 level was broken.
Daily Candle Chart
Traders remain short
On Wednesday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 57% was short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 71% to buy.