Economic Calendar Analysis
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US FOMC Meeting Minutes could cause a move from 10.8 to 54.3, as it had done since November 2020.
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 pips.
XAU/USD short-term forecast
Currently, the commodity is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1765.00 area could be expected within this session.
However, if the channel pattern holds, buyers might pressure the XAU/USD exchange rate higher today.
XAU/USD daily charts review
On the Daily time-frame chart, the yellow metal showed strong bullish momentum. Most likely, the XAU/USD pair could target the 1900.00 level during the coming days.However, the metal could find resistance near the 55-, 100 the 200-day simple moving averages at 1.815.65.
Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was 66% bullish, as 68% of open position volume was long.
On Wednesday, in the 1000-pip range around the metal's price the pending orders were 55% to buy the precious metal.