The XAU/USD exchange rate failed to exceed the 1,970.00 level.
Yellow metal could gain support from the 55-hour SMA and trade upwards in the short run.
Economic Calendar Analysis
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 tried to exceed the 1,970.00 level. During Thursday morning, the rate was testing the support provided by the 55-hour SMA near 1,955.00.
If the given moving average holds, it is likely that some upside potential could prevail in the market. In this case the price for gold could target the 2,000.00 level.
Meanwhile, if the rate fails to exceed the 1,970.00 mark, it is likely that yellow metal could consolidate against the Greenback in the short run.
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
Since 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 53% to buy.