Economic Calendar Analysis
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
On the gold charts it resulted in a surge up to the 1,783.50 level. Meanwhile, on Thursday, it was spotted that the price was finding support in the 1,775.00 level.
A continuation of the ongoing surge of the commodity price would have to pass the November high level zone at 1,785.20/1,786.30, before approaching the 1,800.00 mark. moreover, the 1,790.00 and 1,795.00 levels could act as resistance.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the resistance of the 200-day simple moving average and is approaching the 1,787.05/1,808.15 zone. The zone acted a support in the first half of 2022 and as resistance in August.Daily Candle Chart
Traders increase long positions
On Thursday, the sentiment on the Swiss Foreign Exchange was 62% bullish. Namely, 62% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 58% to buy the precious metal.
On Wednesday, the open positions were 61% long and orders were 58% to buy.