On Thursday, at 13:45 GMT, the US S&P Global Manufacturing and Services PMIs will be published. The survey results could move the USD, if the released results are a lot different from the market forecasts.
On Friday, the markets could react to the publication of the US Durable Goods Orders at 12:30 GMT. However, this data release has not impacted the USD for quite a long period.
XAU/USD short-term forecast
The consolidating decline of the metal could look for support in the 2,720.00 level and the 50-hour simple moving average, before the rate's decline approaches the 2,700.00 mark and the lower trend line of the channel up pattern.
In the case of a resumption of the surge, the metal would have to break the 2,740.00 level and the upper trend line of the channel pattern, before testing the 2,750.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal has ended its consolidation. It has found support in the 2,600.00 mark and resumed the broader surge.Daily Candle Chart
Traders add more to short positions
On Wednesday, 67% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 100% to buy the metal.
By Monday, traders were 73% short. At the same time, the pending orders were 87% to buy the metal.