At 12:30 GMT on Thursday, the US Preliminary GDP is set to be published.
Also on Thursday, the weekly US Unemployment Claims are set to be published at 12:30 GMT. Our analysts have been ignoring this event since February, as it did not have an impact on the USD. This week, another check of the data was done.
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
On Wednesday, according to the forecast, the XAU/USD exchange rate has made a brief pullback towards the 1890.0 area and found support at the 55-hour simple moving average.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the metal was piercing the upper trend line of the channel up pattern, which has guided the price since April.After breaching the upper trend line of the ascending channel pattern on Tuesday, the yellow metal might continue to edge higher towards the 23.60 retracement level.
Daily Candle Chart
Buy orders decline
On Wednesday, the sentiment on the Swiss Foreign Exchange was 51% bearish, as 51% of open position volume was short.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 51% to buy the metal.