On Wednesday morning, the yellow metal reached a new high level, as it almost touched the 1,790.00 mark.
By mid-day the commodity price had retreated and looked for support to resume the surge in the 55-hour simple moving average near 1,775.00.
The main scheduled macroeconomic data release of the week is bound to occur on Thursday, at 12:30 GMT. At that time the US employment data sets are scheduled to be published.
On Wednesday, note that some calendars show the ADP Non-Farm Employment Change and the US ISM Manufacturing PMIs as high impact events, they have not caused an increase of volatility.
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XAU/USD short-term forecast
The rate has passed the support of the 55 and 100-hour simple moving averages, which are located at 1,769.28 and 1,767.37.
In theory the rate should gradually decline down to the support of the lower trend line of the channel up pattern near the 1,760.00 mark. However, take into account that the 1,765.00 mark has been providing psychological support.
Hourly Chart
On the daily candle chart, the commodity price could soon test the resistance trend line of the 2019 and 2020 high levels could provide resistance above 1,790.00.
Daily Candle
Short sentiment grows
Since Thursday, on the Swiss Foreign Exchange the sentiment almost bearish, as it was 63% short.
The sentiment became 64% short on Tuesday. By the middle of Wednesday, the sentiment was 66% short.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 85% were bullish orders.
Previously, the orders were 72% to buy.