The event created a test of the 1,820.00 price level for gold. The 1,820.00 mark provided resistance and the bullion returned to trade in the previous zone.
Economic Calendar Analysis
The top day for fundamental event watchers will be Friday. On Friday, at 12:30 GMT the US will release the country's monthly employment data. Later on, at 14:00 GMT, the US ISM Services Purchasing Managers Index is set to be out.
Most impact is expected from the US employment data release. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
On Thursday morning, the 100-hour simple moving average caught up with the price. If the SMA provides enough support for a surge to start, the price would test the resistance of the 1,820.00 level. A breaking of the 1,820.00 level most likely could result in a test of the high level zone at 1,830.00/1,835.00.
On the other hand, a decline of the rate below the 55 and 100-hour SMAs and the 1,810.00 level would look for support in the 200-hour simple moving average at 1,803.00.
XAU/USD daily charts review
On the daily candle chart, the yellow metal has passed the resistance of the 100 and 200-day simple moving averages near the 1,810.00 level. Meanwhile, the August and July high levels can be observed on the chart.Daily Candle Chart
Traders are neutral
Since Monday, the sentiment on the Swiss Foreign Exchange was 50% bearish and bullish.
On Thursday, the situation changed, as 51% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 74% to buy the precious metal.