On Thursday, 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the commodity price continues to surge, it might eventually reach the 2,000.00 mark. Note that round price levels are set to act as support and resistance.
On the other hand, a potential decline would have to pass the 1,965.70/1,970.00 zone, before looking for support in the 50-hour simple moving average near 1,960.00. Further below, note the 1,950.00 mark and the 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the metal's price appears to be pushed up by the 50-day simple moving average.Daily Candle Chart
Traders go short on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was bearish, as 56% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 75% to buy the precious metal.
On Tuesday, 54% of volume was long and pending orders were 53% to buy.