During the early Thursday's US trading hours, the price for gold was fluctuating near the 1,780.00 level, as it was finding support in the 55-hour simple moving average and the lower trend line of the channel up pattern.
Economic Calendar Analysis
At 13:45 GMT on Friday, the week's notable events will end with the publication of the US Manufacturing and Services PMIs.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
A passing of the 55-hour SMA and the lower trend line of the channel up pattern could result in the pair looking for support in the 100 and 200-hour simple moving averages at 1,775.00. Below the SMAs, the price could look for support in round price levels before reaching the 1,750.00 mark.
However, if the pattern holds, the rate would have to pass the 1,790.00 and 1,800.00 levels before continuing on in the channel up pattern's borders.
XAU/USD daily charts review
On the daily candle chart, the yellow metal's price has bounced off the resistance of the 100 and 200-day simple moving averages, which strengthened the resistance of the 1,800.00 mark.Daily Candle Chart
Traders are long
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 56% bullish, as 56% of open position volume was in long positions.
On Tuesday, the sentiment was 55% long.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 71% to buy the precious metal.