The price of gold reacted to the news with high volatility, before starting a surge. By the middle of Thursday's trading, the pair was heading to the 2,030.00 level. Economic Calendar Analysis
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
XAU/USD short-term forecast
The price has to break through the April high levels near 2,030.00, before attempting to reach the 2,050.00 mark.
On the other hand, a decline of the commodity price is bound to look for support in the 2,000.00/2,010.00 range, the 55, 100 and 200-hour simple moving averages and round price levels.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Next target for the surge is the 2020 August and 2022 March high level zone.
Daily Candle Chart
Traders are short
On Thursday, gold traders were bearish, as 60% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 67% to buy.