On Thursday, watch out for the Bank of England's expected rate hike at 5.25%. It is possible that not only the GBP pairs, but other financial instruments could adjust to the continuation of rate increases.
On Friday, at 12:30 GMT, the US employment data will impact the USD and all rates that involve it. The release will consist of the US Average Hourly Earnings change, Non-Farm Employment Change and the official Unemployment Rate.
XAU/USD short-term forecast
A failing of the 1,940.00 and 1,932.25 levels to provide support would leave the rate without known support levels as low as 1,910.25. However, round price levels could turn into support.
On the other hand, a recovery of commodity price could face the 1,942.50/1.943.40 range, before testing the 1,950.00 mark and the 50, 100 and 200-hour simple moving averages.
XAU/USD daily charts review
On the daily candle chart, in early July, the metal has found support in the 200-day simple moving average. The moving average has caused a surge, which broke the 50 and 100-day simple moving averages and the 1,955.00/1,965.00 range.For the most part of July the rate has been consolidating above the 1,950.00 mark and the support of the 50-day SMA. In regards to the future, note that the 200-day SMA is approaching the price from below and could be the catalyst for a new surge.
Daily Candle Chart
Gold traders are neutral
On the Swiss Foreign Exchange, traders are 51% bullish on gold, as that proportion of open Gold positions are long.
In the meantime, pending orders in the 1000 point range around the current price are 67% to sell.
On Tuesday, positions were 52% long and orders were 67% to buy.