During today's morning, the price for gold re-tested the psychological level at 1,510.00.
Note that yellow metal is supported by the 55-, 100- and 200-hour moving averages. Thus, it is likely that some upside potential could prevail in the market.
Economic Calendar Analysis
Today, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT.
On Thursday, the US CPI will be released at 12:30 GMT.
Meanwhile, next week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.
XAU/USD short-term forecast
Yesterday, the price for gold raised to the psychological level at 1,510.00. During Wednesday morning, the XAU/USD exchange rate was testing the given level.
Given that yellow metal is supported by the 55-, 100– and 200-hour movign averages, currently located in the 1,495.27/1,503.10 range, it is likely that bulls could prevail in the market. A possible upside target is the descending trend line located circa 1,520.00.
However, if the given support cluster does not hold, it is likely that yellow metal could go downwards against the US Dollar within the following trading session. The rate could try to surpass the psychological level at 1,490.00.
Hourly Chart
On the daily candle chart, the price for gold has passed the resistance of the 55-day SMA. In general, the SMA can no longer be used for guidance, as the rate has both passed its support and broken resistance during this week.
Daily Chart
Traders are slightly bearish
On Wednesday morning, 56% of open gold position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were neutral – 51% of orders were to buy and 59% to sell.