The yellow's metal price has continued to trade below the 1,900.00 level. The price has made five failed attempts to pass the resistance of the 1,900.00 mark.
In the meantime, the rate was approached by the support of the 55-hour simple moving average.
Economic Calendar Analysis
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT.
Click on the link below to see the historical reaction tables.
XAU/USD short-term forecast
It is likely that yellow metal could gain support from the 55-hour moving average near 1,889.79 and extend gains in the short run. Note that the rate could face the resistance level—the monthly PP at 1,909.25.
If the predetermined resistance level holds, it is likely that gold could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the rate has bounced off the support of the 100-day simple moving average, which strengthened the support of the 1,850.00 level.
In the meantime, it was spotted that the 23.60% Fibonacci retracement level at 1,879.18 was providing support.
Daily Candle Chart
Traders are long on gold
Since Wednesday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 56% was long.
Meanwhile, in the 1000-pip range around the metal's price the orders were 75% to buy the metal.
The orders were 89% to buy on Wednesday.