On Wednesday morning, yellow metal was trading at the 1,530.00 mark. Given that the commodity is supported by the 55-hour moving average, it is likely that some upside potential could prevail.
Economic Calendar Analysis
On Thursday, the US Final GDP will be published at 12:30 GMT. This event could cause a minor move.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
However, note that during the last six months the markets did not react to the Durable Goods Orders. For example the EUR/USD moved less than 10 pips during the timeframe of ten minutes around the data being released.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate breached the medium-term ascending channel north. During Wednesday morning, the rate was trading near the 1,530.00 level.
Given that yellow metal is supported by the 55-hour moving average, currently located at 1,523.88, it is likely that some upside potential could prevail in the market. A possible upside target is the 1,540.00/1,545.00 area.
On the other hand, gold could consolidate against the US Dollar at 1,530.00/1,535.00 within the following trading session. It is unlikely that bear could prevail in the market, and the price for gold could drop lower than 1,507.41/1,514.23 due to the support formed by the 100– and 200-hour SMAs.
Hourly Chart
On the daily candle chart, the price for gold, despite piercing the lower trend line of the ascending channel pattern, has returned to trade in its borders.
Meanwhile, the support of the 55-day simple moving average was approaching the commodity price from below, near the 1,480.00 level.
Daily Chart
Swiss traders are neutral
On Wednesday, 58% of open gold position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish– 79% of orders were to buy and 21% to sell.