The 1,800.00 level has held. Moreover, the metal's price has not properly tested its support. Instead, the bullion's price has been fluctuating sideways between the 1,800.00 and 1,815.00 levels.
On Wednesday, at 12:30 GMT, the usual US weekly Unemployment Claims are set to grab the attention of the financial media despite the event not moving the markets. At the same time, the US Preliminary GDP is set to be published. This event also, despite being on the headlines, has not caused notable market moves.
At 19:00 GMT, the US FOMC Meeting Minutes are scheduled to be published. Do not expect an immediate reaction of the markets, as the Meeting Minutes is not a statistics number, but a pdf document that contains clues on the future of the US monetary policy.
Its impact is gradual, as various market participants make their trades based upon how they interpret the information in the document. Quite often, the same text or even word is interpreted differently by various market participants. What matters is whether bullish or bearish views dominate after the publication.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The forecast text is the same as on Tuesday, as the situation has not changed.
The near term future was based upon whether or not the support of the 1,800.00 level holds.
In the case of the 1,800.00 level being passed, the metal's price is still expected to look for support in round price levels. In addition, the 50.00% Fibonacci retracement level at 1,763.87 could provide support.
On the other hand, if the 1,800.00 level provides enough support for the rate to surge, the 1,820.00, 1,830.00 and 1,840.00 levels would provide resistance.
Hourly Chart
On the daily candle chart, the yellow metal has reached the psychological support of a round price level of the 1,800.00 mark and the technical support of the 200-day simple moving average.
If this level is passed, the support trend line of a large scale channel down pattern could provide support to the commodity price at 1,775.00.
Daily Candle Chart
Traders are long
Since Tuesday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 69% was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 56% to sell the metal.